The Denver metropolitan area has seen one of the fastest year-over-year appreciation rates in the country.

The Denver Metro Association of Realtors reports that active listings in the Denver area have declined by 3.4% since August 2015, while prices have climbed sharply. Average single family home prices are up by 9.8% year over year, up to $448,761, while average condo prices are up 13.3%, up to $288,744.

The appreciation rate in the Denver area is one of the fastest nationally, according to CoreLogic, which places the national appreciation rate at 6%.

As of August of 2016, out of a total of 5,854 detached single-family homes, only 1,583 homes were listed for $399,999 or below. "Affordability continues to be a challenge for home buyers," DMAR said in its report. "With recent year-over-year appreciation rates, we are seeing a severe gap in the entry-level market that in past markets was met by attached dwellings."

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