Even as the overall housing market in metro Denver is cooling, luxury home sales are on the rise.

Sales of homes priced at $500,000 or more rose 22.5 percent in August to 746, compared with 609 during the same month last year, according to the latest data released by Coldwell Banker Residential Brokerage. Meanwhile, inventory for luxury homes is down 1.7 percent to 3,034, compared with 3,087 last August.

The figures are based on Multiple Listing Service data of all homes sold for more than $500,000 in the past month in the Denver Metro Area.

While the median price of $643,000 for a single-family luxury home sold in August was down slightly from last year’s $648,000, it is up from July’s median price of $631,000.

“Overall, Denver’s housing market is leveling off as the year goes on,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage-Colorado. “But there is still considerable demand for high-end homes.”

The number of all homes sold in the entire Denver metro market dropped 8.3 percent to 4,965 in August, compared with 5,416 during the same month last year. Inventory also declined 10.8 percent to 6,838, compared with 7,668 last August, but the median price continues to rise. The median price for a single-family home in August was up 12.3 percent to $320,000, compared with $285,000 last year.

In Boulder, the number of homes sold in August increased 10.1 percent to 513, up from 466 during the same month last year. The median price increased 13.4 percent, from $352,000 to $399,000 during the same month last year.

In Northern Colorado, the number of homes sold increased 0.9 percent to 1,159 in August, up from 1,149 during the same month a year ago. The median price of properties sold increased 15.9 percent to $285,000, up from $246,000 a year ago.