The survey, conducted by Democratic-leaning Public Policy Polling, found Obama leading Romney in Colorado 49 to 43 percent, with 7 percent undecided.
Their June survey, which included a broader sampling of registered voters, found Obama ahead by seven points.
PPP has consistently found rosier numbers for the president than other pollsters have in the Centennial State. A new Rasmussen poll, also released Tuesday, showed the two men tied, while a Purple Strategies poll from July found Obama ahead by one point.
According to the PPP poll, Obama holds an eleven point lead among the state's independent voters, despite a flagging job approval rating.
Just 47 percent approve of his job performance, while 49 percent disapprove. However, Romney's favorable ratings are worse -- 44 percent of voters view him favorably and 51 percent have an unfavorable view of him.
In North Carolina, PPP finds Obama with a slim 49 to 46 percent lead over his Republican rival, a lead that is within the poll's 3.4 percent margin of error.
The survey found that independents have flocked to the president since PPP's previous North Carolina poll. Romney now leads Obama by just four points among independent voters, down from sixteen points in July.
Other recent surveys in North Carolina have found Romney slightly ahead, but the results all point to a tight race.
Interestingly, PPP found that Condoleezza Rice is the only potential running mate that would improve Romney's chances. A hypothetical Romney-Rice ticket would completely erase Obama's leads in both states.
The Public Policy Polling surveys were conducted using automated telephone interviews of 779 likely Colorado voters and 813 likely North Carolina voters from Aug. 2-5. The margin of error is 3.5 percent for the Colorado survey and 3.4 percent for the North Carolina survey.
HuffPost Pollster's trend estimate of the race, which takes into account all available public polling, shows Obama leading 47.6 to 44.8 percent in Colorado as of this publication.
In North Carolina, HuffPost pollster estimates that Romney is ahead 47.9 to 46.1 percent.