You have to look at this in a few ways in my opinion. The Fed is rumored to raise interest rates in June of this year. When this happens historically it makes it harder to borrow money and home sales go down thus the prices will adjust lower. They were also rumored to raise rates last December but did nothing so it could all be talk again. I guess we'll see what happens.
Another concern is the unemployment rate. Clearly the 5% number is a lie to anyone that studies the markets. It's propped up by "seasonal" jobs and other part time work . Also, if you have stopped looking for work for 4 or more weeks the department of labor doesn't even consider you unemployed. They also don't count underemployed people. You're going to see a lot more headlines soon as the market starts catching up to weakness in layoffs, earnings, macro data, ISM/PMI surveys, and retail stocks.
That said, if you spend your life trying to time markets, you will more than likely fail. The people that can time markets become billionaires and have books written about them. If your numbers make sense, I don't see why you wouldn't invest. The good thing about Denver is that it's a destination city so people will always want to come here, either to live or on vacation. Personally I think that there's a nationwide bubble that is ready to burst. But do your own research and again if your numbers make sense go for it.
