What outside expenses could impact buying a home in Denver?

Prices are going up – that is the conventional wisdom regarding many aspects of the economy, and in more cases than not, it's true to some extent. According to a U.S. Labor Department report, the rate of inflation in Colorado and other western states in April increased 2.1 percent on a year-over-year comparison, the Denver Business Journal reports. However, this is down from higher yearly prices that were apparent in previous months this year. Inflation can impact the price of houses for sale in Denver, which may prompt potential buyers to make an offer on a home before the price tag increases.

Home prices have already increased in the Denver metro area. According to ALTOSResearch, the median price for a single-family detached home was $251,775 as of May 13, 2012. This is an increase from March 1, 2012, when the median price was approximately $239,000.

However, unlike previous years, gas prices were not the primary item that went up. The news source reports that clothes and other apparel increased in price the most, at 4.4 percent in the last year. Medical expenses also rose 2.9 percent and transportation increased 2.6 percent.