Demand pushes average Denver home price to record level

Photo: Real estate in Denver
A sign stands outside a home for sale in south Denver. 

The average price was $345,000, according to REColorado, surpassing the previous record set in July of last year.

At the close of the month there were 4,537 homes listed for sale, continuing a historically low supply.

“Even with the increase in new listings, our historically-low inventory levels remain the biggest challenge facing the Denver-area housing market, as they are undoubtedly contributing to rising average home prices and reducing the amount of time homes are on the market,” said Kirby Slunaker, president and CEO of REcolorado.

In February, sales increased 13 percent compared to January. Sales were up 4 percent compared to February 2013.