Single-family home prices in the Pikes Peak region climbed to a nearly four-year high last month, another sign of a possible rebound in the local housing market.
The median price of single-family homes sold in June rose to $211,214, a 14.2 percent jump over the same month last year, according to Pikes Peak Association of Realtors figures posted Tuesday on the organization’s website.
It was the highest median sales price for any month since $223,950 in July 2008. Home prices have increased for four straight months.
Sales, however, took a step backward. Home sales totaled 846 in June, a 3 percent year-over-year decline, the Realtors Association report shows.
Still, home sales have shown year-over-year increases during 10 out of the last 12 months. And, for the first half of 2012, sales totaled 4,266 — a 3.9 percent increase over the same period last year.
The supply of homes listed for sale remained in check, totaling 3,704 in June — nearly 1,060 fewer than the number of homes listed for sale a year ago. It was the first June since 2002 that home listings have been below 4,000; the summer months, when kids are out of school, traditionally are popular times for homes to be listed for sale.
The low inventory, however, might have had an adverse effect on sales of existing homes. With fewer homes listed, some buyers might have opted to purchase new homes, Rick Van Wieren, an agent with Re/Max Properties in Colorado Springs, speculated on his blog. Also, some sales that were supposed to be completed at month’s end might have been delayed because of the Waldo Canyon fire, he said.
Even as sales declined last month, industry experts have said that rock-bottom mortgage rates have helped spur recent activity in the housing market. Some buyers also have taken notice of rising prices and decided that now is the time to make their purchase.
The fact that the inventory of homes for sale hasn’t risen also has helped drive up prices, some experts have said.
The Realtors Association’s report on prices, sales and inventory represent transactions handled by real estate agents, not homes sold by individual owners. Most of the sales took place in El Paso and Teller counties.
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