While more Denver-area homes hit the market in April, the supply doesn’t seem to be slowing rising prices, according to the newest report from the Denver Metro Association of Realtors.

There were 3,204 homes, both single family and condominiums, listed for sale in April. That’s a 44% increase from the number listed in March and a 24% increase from April 2021.

It’s the second month in a row inventory has seen strong gains, as March’s inventory jumped 81% from February. The market typically averages a 9% inventory increase this time of year, so the authors of the report noted the 44% increase as “outstanding” and that inventory is no longer at historic lows.

“The increased interest rates are already impacting the amount of inventory sitting on the market,” Andrew Abrams, chairman of the association’s Market Trends Committee, wrote in the report.

The average sales price was $726,988, up 3% from March and 17% year-over-year. For a single family detached home, the average price jumped to $825,073, up 4% month-over-month.

“In the chaos of the recent market, buyers had been waiving their inspections, doing full appraisal gaps and even offering to make their earnest money non-refundable before getting an inspection,” Abrams said in a news release. “Now, we are shifting to a more responsible market. There will still be bidding wars, appraisal gaps and limited inspection items on future properties, but the frequency of those will be less.”

The 11-county Denver metro area saw 4,912 home sales in April, up 3% from March but down 12% from April 2021. The average number of days on the market remained in single digits at eight days, which is down both month-over-month and year-over-year.

It’s the first report since the Federal Reserve hiked rates by 25 basis points in March. On Wednesday, it raised the benchmark another half point — the largest increase in 20 years. CNBC reported the average interest rate for a 30-year fixed mortgage hit 5.5%, the highest in 30 years.

“The most significant factor influencing the supply and demand of this market is interest rates,” the authors of the report wrote. “With many individuals refinancing due to low-interest rates on their house and interest rates north of five percent, there is minimal financial incentive to move.”

“The spring selling season is off to a great start and it feels as though more inventory is becoming available than even the data represents,” Libby Levinson-Katz, Market Trends Committee member and Metro Denver Realtor, said in the release. “My partner and I have had more listings this year than we’ve ever had which feels like a slight change in the marketplace with more Denverites opting to either sell investment properties, move out of state or jump into this crazed market. For perspective, the Luxury Market year-to-date has 2,350 new listings with 1,793 closed. Back in 2018, there were 1,283 new listings with 649 closed properties.”