High housing prices in Denver mean now is a great time to sell

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With demand for homes in Denver reaching greater highs, now is the time for prospective home sellers to take action.

A recent report by REcolorado found that, despite a slight reduction last fall, home prices grew at a moderate pace during spring 2016.

The average sold price of a home in the Denver metro area was $407,662 in May, as home prices grew 4 percent from the previous month and 9 percent when compared with the same month in 2015. Meanwhile, the average sale price of a single-family detached home rose to $448,804, which is 8 percent higher than May 2015. A total of 6,565 homes were for sale in the Denver metro area in May, a growth of 7 percent from April and a decline of 5 percent from the year-ago period, while the supply of inventory in the Denver area remained at about six weeks.