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Homes sold quickly in Denver and California in July

Houses are selling quickly in Colorado's capital, Denver.

Houses are selling quickly in Colorado's capital, Denver.

The summer of 2011 has seen positive developments for Colorado's housing market, with the latest indicator coming from the National Association of Realtors. Denver topped NAR's recently released list of July's fastest-moving real estate markets.

The median age of property on the Denver market in July was 32 days, a decrease of 38.5 percent from last year. The Mile High City's Office of Economic Development has predicted the population will grow from 2.7 million to 3.9 million by 2030, and apparently the city's development initiatives, including an infrastructure program to add 122 miles of commuter rail, are already stimulating the housing market.

Denver's neighbor to the northwest, Boulder, saw the greatest increase in median sales price among mid-sized U.S. cities this summer, according to a recent Altos Research report. Louisville, located between Boulder and Denver, was named the best place in America to live by Money magazine.

July's inventory was also young in cities with significant foreclosure stock, such as Fresno, California (51 days), and Detroit, Michigan (67 days), according to NAR. These markets were joined by high-end markets in California such as San Jose (65 days) and San Francisco (67 days). This accords with a DataQuick report showing budget and luxury home sales picked up in California early in the summer, while mid-range properties sat on the market.