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4/24/2003

Denver unsold homes on the rise

The Associated Press

DENVER — The number of unsold homes in the Denver-area real estate market rose nearly 29 percent over the last year and now is almost 25,000, several reports released on Tuesday said. However, prices of homes that are being sold continued to move upward slightly.

The reports come from independent broker Gary Bauer, Steve and Jerry McGuire of RE/MAX Professionals, and Coldwell Banker Residential Brokerage.

Steve McGuire said the inventory is having its impact on the market, and others said factors affecting the market include a sputtering economy and low interest rates, which have prompted some people to move up to newly built homes and put their old ones on the market.

“There’s some hesitancy on the part of consumers to move on the long-term commitments right now,” said Patty Silverstein, an economist with Development Research Partners.

Denver-area brokers listed 24,972 homes for sale in April, up 4.2 percent from the previous high set in March, and up from 19,373 a year ago.

And only 2,597 homes were placed under contract this month, making it the worst April for home sales since 1990, according to data released on the last full week of each month by Metrolist Inc.