Real estate sales in Colorado fall for a second straight month
The average price of homes sold in Colorado fell last month, marking the fourth consecutive month the average price dropped.
The average price for single-family homes in the state, which includes Montana, fell 2.3 percent to $328,000, according to the latest figures from Realtor.com.
That’s the second-lowest price for a single-unit home in the U.S.
The Colorado Real Estate Association reported a 3.9 percent drop in new listings for February, which is down from 3.7 percent in January.
That decrease was largely due to a sharp drop in home sales and a decline in new construction.
The biggest declines came in the metro area, which saw a 7.9-percent drop in sales in February.
The area has been on a tear over the past few years, and is now the only part of the state that has been able to maintain its sales pace.
The metro area saw an increase in new home construction in February, according the association, with 1,094 new homes built in the first seven months of the year compared to 1,081 units in January, the association reported.
The state’s overall economy is also showing signs of recovery, with the unemployment rate falling to 3.8 percent from 4.0 percent in February and a 2.9 percentage point increase in economic growth.