"This is a recovery at this point," Chaffee County Undersheriff John Speeze said Monday night.
Efforts to reach the bodies were on hold until Tuesday morning because the area was unstable, The Denver Post reported.
"We will go back in as soon as the area can be declared safe for the search teams," Chaffee County Sheriff Pete Palmer said.
The newspaper said it was unclear whether the five were family or friends.
The Post also said a 13-year-old girl was found in the rubble and was flown to a Denver hospital. Her condition wasn't known.
The Sheriff's Office said the hikers were caught in the slide about 11 a.m. local time. Palmer said some of the rocks were "half the size of a car."
The area had received heavy rains recently, but it wasn't known if that was a factor in the rock slide.