Single-family home prices show a similar trend.
The market is plagued by a record 23,370 unsold homes, almost 22% more than the 19,180 on the market a year ago.
Cheri Meyn, principal of the Genesis Group, at a recent, wide-ranging conference, says new home, condominium and townhome builders aren't competing with each other.
"Your biggest competitor is the resale market," says Meyn, whose company tracks the housing market along the Front Range.
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