More Homes For Sale In Denver Metro Area But Prices Aren't Dropping

DENVER (CBS4)- A new report says more homes are on the market in Denver. The number of homes for sale in the Denver metro area grew in June by more than almost any other city in the nation.

According to Zillow, there is no indication that prices will drop anytime soon. Inventory in June was up 10% from the month before but down nearly 50% compared to the same time frame last year.

John Crosbie of Liv Sotheby's International Realty said that homeowners are selling to upgrade, downsize or simply cash out. That could impact both buyers and sellers.

"The market before was kind of nuts where you'd ride on a property and you'd be one of 10 offers or even more in some cases," said Crosbie. "If you're in a neighborhood and all of a sudden when beforehand you were one of the only properties to look at, now all of a sudden there's three, yeah, as a seller, you're one of three."

Crosbie's advice for homeowners is to sell when you are ready, not what the market reflects.