(The Center Square) - Realtors are expecting the nation's housing market will see increased sales activity throughout the winter.
"Although there are fewer buyers in the winter months than in the competitive spring and summer period, all signs suggest that housing demand remains high," said Danielle Hale, chief economist for the National Association of Realtors (NAR).
According to the latest NAR data, two of the driving forces behind the housing market's continued growth are low inventory and even lower total days on market.
Across the country, inventory decreased by 12% in October, according to NAR data. Meanwhile, 82% of homes nationwide sold in under a month.
The trend remains the same in Colorado's market as well. Last month, the number of homes listed on the state's multiple listing system decreased by 8.1% to just over 8,200 total units.
Colorado now has less than one month of housing supply, according to data from the Colorado Association of Realtors. For comparison, the Federal Reserve Bank of St. Louis defines a "healthy" housing market as one that has at least six months of supply.
The number of days on market for Colorado homes also decreased by 35% to 28 days.
Matthew Leprino, a Denver-area realtor, said that the combination of low inventory and quick turnover are pushing home prices up across the state.
In October, the median sales price increased by 15.4% to $525,000 while the average sales price is more than $150,000 above the median, CAR data shows.
The data may make the prospects of purchasing property seem dim for homebuyers, but Leprino said there has never been a better time to buy.
"In the long run, prices always go up," Leprino said. "While there are some that say we are overdue for a price correction, demand for housing is creating a hard bottom unlike what we saw in 2008."