As the “dog days” of Summer begin to fade, there is Good News and some Not So Good News for the Denver Real Estate Market.

On the Good News Front … The median Denver home price increased 4.4 percent last month to $240,000. Another piece of Good News is that new foreclosure filings in Colorado, 4,890 (or one out of every 432 homes), decreased 9.3 percent last month from July 2009. This places Colorado in the 13th spot nationally for the number of foreclosures, which is better than the 10th spot that we held in the previous month … And, foreclosure filings are down 8.6 percent in the Denver area.

As for the Not So Good News … The Denver Real Estate Market continues to feel the “hangover effect” from the Homebuyer Tax Credit that expired at the end of April … The number of homes sold (3,259) in Denver last month is 26.6 percent less than July 2009. It seems that many Buyers are once again sitting on the sideline and are looking for strong motivation to jump back into the market.

So, while home sales have been somewhat sluggish this Summer, we still have much to be thankful for … Interest rates are at historical lows and there is an amazing selection of Well Priced, Beautiful homes to choose from  ... Hopefully, Denver Homebuyers will take advantage of this “once-in-a-lifetime” opportunity and become part of and support the American Dream!