HOME PRICES FLAT AS INVENTORY DROPS

It got even harder to find a home to buy in Colorado last month. And buyers who were looking for a place took their time, pushing up the average number of days properties remained on the market.

There were only 15,645 homes listed for sale in November, enough to meet about 2.2 months of demand, and down from 25,137 listed in November 2014, according to the Colorado Association of Realtors’ monthly market report released Monday. Sellers listed 3,639 townhomes and condos, about 1.7 months of demand, and down from 5,897 in November 2014.

Even with the shortage, the median price of a single-family home was flat at $335,000, which CAR attributed in part to mortgage interest rates that have been creeping up. The average 30 year mortgage rate was 4.08 percent at the end of November, compared with 3.67 percent in September, according to Freddie Mac.

Condo prices climbed to $255,000, up $30,000 from January.

Statewide, 6,636 single-family home sales closed in November, down 6.7 percent from October. There were 2,093 condo sales closed, down 11.6 percent from October.

However, single-family home sales were up 24.2 percent from November 2015, when 5,344 sales closed. Condo sales were up 13.3 percent from November 2015, when 1,848 sales closed.

The number of days on market extended to 55 for single-family homes in November, up three days from October, and pushed to 50 for condos, up two from the month before.