The average housing price has never been this expensive in Denver before.

The Denver metro area housing market has hit a milestone. The average price of a single family home costs more than half a million dollars for the first time in history. According to the Denver Metro Association of Realtors (DMAR), the average price of a home for the month of February 2018 is $502,986, which is more than an 11% increase from February 2017. That’s up 2.5% from the previous month.

The number of single-family homes available to buy at the end of February rose 6.8 percent from January to 3,015, while the inventory of condos for sale rose 2.3 percent to 1,069, according to the counts from the DMAR.

Others look at the median price of a home, instead of the average. The median is the midpoint of the home data being examined.

The median price of a Denver home is approximately $398,500 according to Zillow. That represents a 7.2% change in the past year. In the upcoming year, Zillow predicts a 3.3% rise in the price to January 31, 2019. The median price of homes currently listed in Denver is $479,000 while the median price homes that sold is $403,700.

The increases may not continue at such a high pace. Rising mortgage interest rates may slow the rate increases. Average rates on a 30-year mortgage have changed from 3.9 percent in January to 4.43 percent as of March 1, according to Freddie Mac.

That means a 0.5 percentage point increase in mortgage rates adds $117 a month when buying a $503,000 home with 20% down, according to mortgagecalculator.org.

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