The inventory of homes for sale in metro Denver was down 10 percent in October from September and down 23 percent compared with October 2013, Metrolist reported Wednesday.
Last month, there were 8,041 homes for sale, down from 10,376 homes in October 2013.
However, after two consecutive months of decreases, October brought an increase in the average sale price for single-family homes.
The average price in October was $323,750, up 1 percent from September and up 7 percent year over year from $303,328 in October 2013, .
“With inventory levels remaining tight in October, the market stayed nearly as competitive as it was during the summer,” Metrolist president and CEO Kirby Slunaker said in a statement. “Home prices climbed a bit, and days on the market remained low, indicating continued demand.”
Slunaker said the home sales were flat — 4,617
in October and 4,597 in September. In October 2013, 4,489 sold.
But homes moved quickly in October, remaining on the market an average of 34 days, compared with 45 days a year earlier.
The report said that the market absorption rate showed a steady demand for the properties, with a supply of about eight weeks of inventory at the end of October.
