No inflation they say?
Average home cost exceeds $210,000
Fewer houses for sale makes demand fierce
By John Rebchook
Denver Rocky Mountain News Real Estate Editor
The average sale price of a previously owned home soared to an all-time record $210,607 in May, shows a report released Friday.
HOME PRICES
Average sale price of a previously owned single-family home:
YEAR PRICE
1991 $105,942
1992 $111,271
1993 $120,626
1994 $132,961
1995 $147,338
1996 $155,163
1997 $164,198
1998 $178,614
1999 $200,315
Through May
Source: Gary Bauer, Perry & Butler
"And probably more significant, on a year-to-date basis, the average price in the first five months of the year was $200,315," said Dennis Hipp, president of Perry & Butler, which releases a report based on MetroList Inc. on the last Friday of each month.
"We cracked through that $200,000 barrier on a year-to-date basis for the first time," Hipp added. "We'll probably stay there, based on supply and demand."
There are only 8,906 unsold homes on the market, 32.3 percent fewer than the 13,148 homes available a year ago.
The previous highest average price was in February of this year, when the average price of a home sold and closed hit $201,134, breaking the $200,000 mark for the first time.(cont)
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