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DENVER-The average price of a condo sold in July fell to $174,244 from $182,884, while single-family home prices soared, shows a recent report by Coldwell Banker.Coldwell Banker based the data released by Metrolist on the last full week of the month.The report, however, shows that the average price of a condo sold in the Denver metro area rose from $167,798.

“Condo prices are holding relatively steady,” Paul Wiesenr, CFO and VP of Finance, tells GlobeSt.com.

Condos are a bargain compared to single-family homes, where the average price rose to a record $287,103, almost $10,000 more than the previous record of $277,672 in June. A year earlier, the average price was $274,861.

The high price of homes makes it more difficult for the state and the area to attract employers to Colorado that could fill empty office spaces.

During the last economic turndown, the area’s low-priced homes were a huge selling point. However, prices are rising because of the mix of homes selling, not because of appreciation, experts’ say.

Separately, Roger Reinhardt, EVP of the Home Builders Association of Metropolitan Denver, notes there is a five-month supply of new condos on the market. That is more than twice the unsold inventory of new single-family homes. However, by historic standards, anything below a six-month inventory is considered healthy, he says.

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