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Another home-market tumble

John Rebchook, Rocky Mountain News

Published October 4, 2007 at midnight

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Metro home prices and sales dropped in September, according to a report released this morning by independent broker Gary Bauer.

Bauer's report, based on Metrolist data, showed there were 4,329 previously owned homes put under contract in September, an 18.7 percent drop from August, when there were 5,325 homes placed under contract.

While much of the drop from August was attributed to an expected seasonal decline, home sales also were down 8.7 percent from September 2006, when 4,740 homes were placed under contract.

In the first nine months of the year, there have been 49,610 homes placed under contract, 0.1 percent more than the 49,554 put under contract during the same period in 2006.

The average price of a single-family home closed and sold in September fell to $305,459 from $329,783 in August and $308,903 in September 2006.

The median, or middle, price of a single-family home sold in September fell to $245,000 from $257,500 in August, but was up slightly from $243,500 in September 2006.

The average price of a condo sold in September was $181,458, compared with $182,741 in August and $191,006 in September 2006.

The median price of a condo sold in September was $148,000, down from $152,500 in August and $156,250 in September 2006.