Average and median home prices in the Pikes Peak Region fell month over month and year over year.
The median home price fell 7 percent from $205,000 in August of 2010 to $191,000 this August, according to recently released data from the Pikes Peak Association of Realtors. The average home price fell 10 percent from $246,000 last year to $221,000 this year.
While sales prices are down, more homes are under contract this August compared to last August. The number of homes under contract rose 16 percent from 1,181 in 2010 to 1,365 this August.
The average number of days on the market rose slightly over last August to 92 from 89.
The number of homes on the market is shrinking. There were just 4,498 single-family patio homes listed on the local multiple listing service this August, down 23 percent from last August when there were 5,836 single-family homes available.
The number of listings added to the MLS this August is also lower than the number of new listings added last August, indicated that the inventory reduction may be a continuing trend. New listings dropped 19 percent from 1,399 in August of 2010 to 1,136 this August. New listings were down almost 40 percent over the peak of the regional real estate market in 2007, when August logged 1,893 new listings.