Metro Denver’s labor market numbers fared better far than state and national trends in May as the region’s employers added more than 12,000 jobs. The increase was roughly consistent with seasonal norms, while gains at the state and national levels represented some of the weakest hiring for the month of May in years.

A recent Moody’s Economy.com and MSNBC forecast named Colorado among five states most likely to recover first. Economists expect the states – Colorado, Texas, Washington, Oregon, and Idaho – could report growth by year’s end thanks to milder housing downturns, strong energy and technology sectors, and relatively stable household credit.

Nationally, a 2.4 percent increase in May existing home sales represented the first consecutive monthly sales gain since September 2005, according to the National Association of Realtors (NAR). The May sales gain was smaller than expected, however, and total May sales were 3.6 percent below sales from May 2008.

Metro Denver existing home sales increased seven percent between April and May, but sales remained more than 20 percent below 2008 levels.  Public trustees say foreclosure filings declined between April and May in each of the region’s seven counties. Building permit activity rebounded in April after a weak showing in March, but the total count of April permits was less than half of the total from April 2008.

Workforce indicators, improvements in the stock market, consumer confidence, and home sales were among several economic indicators to move in a positive direction this month, according to data compiled by the Metro Denver Economic Development Corporation in its Monthly Economic Summary for June 2009.

Metro Denver’s unemployment rate averaged 7.6 percent through the first four months of the year in what is almost a three percentage-point increase from the average for the same months in 2008. Still, Metro Denver’s year-to-date unemployment rate in April was considerably below the nationwide rate (8.8 percent) and only slightly higher than the statewide rate (7.5 percent).

April foreclosure filings in Metro Denver rose from March as all but two of the seven counties reported increased foreclosure activity. Despite the increase, foreclosures have declined on a year-to-date basis in each Metro Denver county except Boulder County and the City and County of Broomfield. Foreclosures for the region as a whole have fallen 14.2 percent year-to-date.

Additionally, Denver is the No. one U.S. city most clearly ready for a housing rebound, according to a real estate correspondent for the NBC “Today” show. According to the correspondent, “rebound-ready” cities have high rates of job and population growth, high rates of educational attainment, and a good balance between housing supply and demand. She also noted that Denver has an improving foreclosure rate, an expansive park system, and a thriving downtown.

Data from the National Association of Realtors® show the first quarter U.S. median home price of $169,000 was down 13.8 percent from the first quarter of 2008. The Denver-Aurora median of $192,900 declined by a similar 13.7 percent over-the-year.