Denver Real Estate Market could appreciate up to 10% in 2008.

According to the chief economist of for the National Association of Realtors, Lawrence Yun, the Denver metro area housing market will buck this year’s national trend of falling home prices and sales, and may appreciate next year may be even as much as 10 percent. According to Yun, “All real estate is local”. The country market is divided into many sub-market in which some are booming at record paces and some falling faster than a rock. Yun is predicting an overall 1.3 percent decline in the nation but says that the Denver market will not follow this trend. The Denver area is just recently starting to recover from the loss of high paying jobs, and of course what everyone is talking about these days, the forclosures. Denver is in the top 3 of the major cities in the country in that category. At the end of May this year there were 29,110 unsold home in the metro area, which is a 4.6% decline from the 30,457 unsold homes from last year.  The median price of a single-family home in Denver is at 247,000 and is expected to increase gradually coming next year.