On Tuesday NAR, the National Association of Realtors released their third quarter report on real estate sales in every MSA in the country. The headline for Denver was "prices drop 11% in the last year!" Watch out the sky is falling!
Now, let's look at the facts. Yes, median prices dropped 11% from September 2007 thru September 2008. But, what's happening recently? For the 3rd quarter prices were unchanged from the 2nd quarter. And prices actually rose .7% in the 2nd quarter. That's two quarters in a row of good news!
Almost all of the 11% drop occured in the 4th quarter last year when prices dropped 9.5% in those 3 months.
Home prices are firming up in Denver and the Case-Shiller Index reveals that March 2008 was probably the bottom of the market here in Denver. It's a buyer's market, NOT a waiter's market!
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