Tight supply plus eager buyers equaled higher home prices in June in metro Denver.
The Denver Metro Association of Realtors's latest report put the median price of a home at $447,500 in June, up 1.73 percent from May and 4.56 percent from June of 2019.
"We are seeing increased demand, few choices, record-low mortgage rates and rising prices," said Jill Schafer, who chairs the realtor group's market trends committee.
Real estate has been recovering from weeks of restrictions on showings and other activities because of stay-at-home orders imposed to slow the spread of COVID-19. In June, 7,364 new properties went on sale, but more homes were put under contract. In all, 7,676 home sales were pending, up 16.75 percent from May and 27.38 percent compared to June of 2019.
Inventory was down by 11 percent from May and by a third from June of 2019. By the end of June, 6,383 listings were left, near the record low for June of 6,197 set in 2015.
