The Rocky Mountain News has some numbers for June. "Home sale prices soared to record levels in June, as buyers continue to snap up expensive houses in the Denver area, even while the number of unsold houses on the market also set a record, according to reports. The number of unsold homes rose to 31,900, a 23 percent increase from the 25,934 in June 2005 and a 4.7 percent increase from the record of 30,457 set in May."

"The supply is rising along with interest rates, which makes it more difficult for first-time buyers to qualify for mortgages. Also, the number of foreclosed homes is rising near record territory, adding to the supply of unsold homes clogging the market."

"Typically, this would mean that prices would drop because sellers would be forced to lower their prices. But sales activity at the top of the market remains brisk, skewing the overall average and median prices, Realtors agree."

"'The law of supply and demand have to be taking over at some point,' (agent) Steve McGuire said. 'You have these ultra-high properties carrying the market for the past few years. I think the lower end of the market is going to just get tougher and tougher for sellers.'"

"Independent broker Gary Bauer said the market was going to perform better in June 'even though a lot of records were broken.' But the number of unsold homes was expected, he said. 'I still think it is close to its peak, but it would not surprise me if they don't creep up by another 1,000 homes or so in July,' Bauer said. Bauer said prospective buyers have no sense of urgency and are looking at a lot of homes."

"(Broker) Darrel Evangelista of Cherry Creek said that with a half-year's data to analyze, 'The market is a little slower than last year. The inventory is increasing, and there are not quite as many buyers in the market. Hopefully, interest rates will not climb much more and stay fairly steady.'"

"He said the record number of unsold homes on the market doesn't trouble him because with the metro area's growing population, he would expect the inventory number to increase. 'I'm not concerned about a housing bubble or prices crashing like they did in the 1980s,' he said."