Wednesday, August 13, 2008

Home prices fall in Colorado Springs area

Median single-family home prices fell to $200,922 in the second quarter in Colorado Springs, a 3.7 percent decline when compared with the same period a year ago, according to a report released Tuesday, Aug. 12, by Zillow, the Seattle-based Internet home-appraisal site. For all of El Paso County, which includes the Springs, second-quarter median prices fell 3.8 percent to $200,295. In Teller County, second-quarter prices declined 5.1 percent to $199,301 when compared to the same period last year. By comparison, prices in Denver dropped 5.4 percent in the second quarter, while Pueblo prices fell 0.4 percent. Nationally, median home prices fell 9.9 percent in the second quarter. Meanwhile, Zillow estimates 37.2 percent of Colorado Springs homes saw a drop in value in the second quarter, while 26.1 percent of homes sold in that period were sold for less than the previous purchase price. Of homes sold in the second quarter, 4.6 percent were foreclosures. More information:

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