Median price for a home in the Denver area was $423,200 in October

American Dream houses in Green Valley Ranch sell for less than $300,000. Feb. 18, 2019. (Donna Bryson/Denverite)

American Dream houses in Green Valley Ranch sell for less than $300,000. Feb. 18, 2019. (Donna Bryson/Denverite)

Donna Bryson. (Kevin J. Beaty/Denverite)

The median price at which a home sold in the Denver area in October was $423,200, up 5.8 percent over the previous October — but not without some price adjustments.

The Denver Metro Association of Realtors in its monthly market trends report released Tuesday also noted that homes were taking longer to sell. The average number of days on the market rose 25 percent to 30 over the previous year.

Jill Schafer, a Denver real estate agent who chairs the association’s Market Trends Committee, said in an analysis accompanying the report that sellers who ended up dropping their initial asking price waited an average of 59 days to find buyers, while sellers who set an appropriate price from the start sold in an average of 14 days. Forty percent of the sellers who closed transactions in October had to drop their prices.

“Overall, the numbers show there is continued demand for homes in the Denver area,” Schafer said. “Furthermore, interest rates remained low, job numbers were still strong, foreclosures and short sales were rare and mortgage delinquency rates were some of the lowest in the country.”

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