The average price of a home in metro Denver increased to $390,067 in February, up from $326,958 in February 2014.
According to the latest data from the Denver Metro Association of Realtors®, the increase of 19 percent year-over-year includes both single-family houses and condominiums.
Average prices were likely impacted by continued strong demand in the housing market, including the luxury market of homes priced at $1 million and above, 84 of which sold in January and February in the metro area, compared with 56 for the same period last year (a 50 percent increase).
Median home prices also increased 17 percent, from $280,000 to $329,000.
With millennials in particular entering the market, demand in all price segments remains high.
Interest rates hovering near March 2013 lows are also keeping buyers in the market.
Active listings of single-family homes and condos dropped 33 percent in February, from 6,103 to 4,079.
Separately, the number of single-family homes on the market fell by 31 percent to 3,338 in February, and the number of condos on the market fell by 41 percent to 741.
However, the number of new listings increased by 2.7 percent for single-family homes and condos in February, from 3,004 to 3,087.
These new listings demonstrate increased willingness from sellers to put their homes on the market, which is a good sign for easing the inventory shortage.
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