Are Denver Housing Prices Rebounding?

December 2009

For the first time in a nearly a year, the housing market in Denver looks pretty good. The number of homes sold in November was up 23 percent compared with the same month in 2008, according to data cited by The Denver Post. And the activity isn't just limited to first-time homebuyers looking to take advantage of the $8,000 federal tax credit that has been extended through the spring. Median sale prices for condos and single-family homes were up, with the median price for a single-family home at $218,000. That's an 11.8 percent increase from November 2008, yet down 1.8 percent from the October 2009 price. In a separate report, the Denver Business Journal also points to median home prices rising in the metro Denver area. The real estate pros are cautiously optimistic. "This time last year, we were looking at a market that had an absolute free-fall feel to it. We've definitely made some strides forward," says David Simonson of Re/Max Professionals Inc. Meanwhile, the Loveland Reporter-Herald writes that a panel recently looked at the consequences of the Gallagher Amendment, determining that while the 1982 law lowered taxes on homes, the burden was then shifted to commercial property owners. -