Local home sales increase again in October

Colorado Springs-area home sales rose sharply in October, according to a report Wednesday by the Pikes Peak Association of Realtors. It was the fifth straight month that sales increased when compared with the same month last year.

Sales totaled 773 last month, up 19.1 percent when compared to October 2008, the report showed. Last month’s sales also were up nearly 7 percent from October 2007.

The median price of homes sold in October was $187,995, a 0.5 percent decline from the same month last year. Year-over-year prices have declined each month since August 2007, but the latest figure was the smallest drop since 0.4 percent in June 2008.

The median is the mid-point of all prices; half of the homes sold in October went for less than $187,995 and the other half went for more. Most of the sales took place in El Paso and Teller counties.

The inventory of homes listed for sale in October declined 23.8 percent to 4,453 when compared to the same month last year.

Local real estate experts have credited the sales spurt to the federal government’s $8,000 tax-credit for first-time buyers. On Wednesday, the Senate overwhelmingly approved a measure to extend the program to April 30 from its scheduled Nov. 30 expiration, and to broaden it to repeat homebuyers, according to an Associated Press story. The House of Representatives is expected to quickly consider the measure, the AP said.

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