The Rocky Mountain News has this report on Denver. "Home-sale prices in the Denver area took a larger than expected drop in February, prompting some experts to wonder if the upper-end housing market is starting to cool."

"'It has been the higher-end market that has been driving up the average and median prices of all homes for the past 18 to 24 months, so if that starts to cool, we might start seeing an adjustment across the board,' said Steve McGuire. McGuire said the segment of the market that appears to be softest is in homes priced below $300,000."

"Brian Bartlett said there are pockets of hot areas, such as Washington Park, Bonnie Brae, Hilltop, Crestmoor and Mayfair in Denver. 'But Arapahoe County is scary,' Bartlett said. He said that he was listing a home near Smoky Hill Road that the sellers bought for $208,000 in 2004. After 35 showings, they hadn't received an offer, so they dropped the price to $189,000. 'Prices are dropping, and buyers have no sense of urgency.'"

"Bauer said McGuire may be correct in saying that sellers of mansions are dropping prices, sending ripples throughout the rest of the market. 'It is actually a better time to be buying high-end homes than it has been in the past couple of years,' because sellers are being forced to negotiate more, Bauer said."

"Condos prices took a big hit. The average price of a condo fell by $16,849 in February from $192,271 in January, almost a 9 percent drop in one month. 'I was surprised,' Bauer said. 'I knew they would be down, but I didn't think by this much."

"The average price of a single-family home sold and closed in February fell by $3,808, to $276,746, from $280,554 in January."

The Denver Post. "The median price for a condominium in Denver has dipped below $150,000 for the first time in two years. The median price for a condo in February was $149,440, compared with $155,000 in January. The median price for a single-family home also dropped to $238,500, compared with $245,000 in January."

"There are 25,484 homes on the market, up 15.4 percent from the same time last year. The increase suggests people are feeling stress from higher interest rates, causing them to put their houses up for sale, said Tucker Hart Adams, an economist with U.S. Bank in Denver."

"'This sounds like it's a little bit more of a buyer's market, or maybe the beginning of a buyer's market,' she said. 'I don't see any sign of a bubble popping, but I think I hear air seeping.'"