DENVER (CBS4)– The housing market in the Denver metro area has hit a milestone. The average price of a single family home in the area costs more than a half million dollars for the first time in history.

According to the Denver Metro Association of Realtors, the average price of a home for this month is nearly $503,000. That’s more than an 11 percent increase.

The number of homes for sale is also up more than five percent.