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Home sales, prices up in Colorado, but supply is low

DENVER (AP) – The Colorado Association of Realtors says home sales have been increasing across the state and prices have been rising.

The Denver Post reports that there were 6,617 single-family home sales in December, up 21 percent from November and 10.6 percent from December 2014. Townhome and condo sales were also up.

Prices have also increased. The median home price hit $305,000 in December, 9 percent higher than the 2014 average. The median condo price increased 14 percent.

But analysts for the Colorado Association of Realtors are concerned that the supply of for-sale homes has dropped to a five-year low.

A report from the realtors’ association says metro Denver has only a 1.4 month supply of single-family homes and less than a month’s supply of condos.

A five- to seven-month supply is considered a balanced market.

(Copyright 2016 by The Associated Press. All Rights Reserved.)