The luxury market set a new record of home sales in May, rising significantly from last month and last year, according to an article by Troy McMullen for Forbes.

Data from the Denver Metro Association of Realtors shows a new record of 179 homes prices above $1 million sold in May, according to the article. This is an increase of 21% from the month before and 38% from last year.

From the article:

“By this time next month, sales in the Luxury Market of homes priced over $1 million will likely surpass one billion dollars year to date,” said Elaine Stucy, DMAR Market Trends Committee member and metro Denver real estate agent. “This is a stunning trend in a month where traditionally the greatest number of homes come into the market. However, instead of a build up in supply, there was a full 1% reduction in months of inventory to a 5.8 month supply.”

Average home prices increased in 2.84% in May from the previous month, and increased 9.83% from last year.

From the article:

Of the available listings on the market only 41 percent are priced below $500,000, according to Danyliw. “The competition for homes under $500,000 is fierce as this price segment is below one month of inventory. Considering this price range accounts for 74 percent of all sales in metro Denver, homebuyers should expect continued competition.”