Denver housing market up 20-percent from a year ago

DENVER — The Denver real estate market is up 20-percent from where it was a year ago, according to a multiple listing service.

Metrolist is reporting that June’s home sales rose 6-percent from May’s figures, while the average day a home stayed on the market fell 8-percent from a month ago.

Home prices are also on the rise, according to the listing service. Metrolist reported the average sales price for single-family homes rose to $297,597, which is a 5-percent increase from May and a 12-percent increase from a year ago.

Metrolist CEO Kirby Slunaker said the gains for the city’s housing market is a function of supply and demand.

“We’re nearing inventory levels that are about 40-percent under last year’s available units while sales continue to run well ahead of 2011 figures,” Kirby Slunaker, President and CEO of Metrolist, said. “In other words, product that’s priced right and ready to sell is moving quickly.”