"June, the month that finally ushered in Summer!!! June 20th struck the official date of summer, but the housing market had never left last summer. There was never a fall or winter for housing. It was really like nothing changed. Just one more month, but the days got longer so REALTORS® could show later, still get beat out on offers, still compete, and hopefully relax on a patio somewhere after getting dragged through this battle called, real estate.
The front range echoed what most of the country has been feeling. Shortages in homes for sale. In fact, a 52% drop from the year before. Buyers once again would be in a position of weakness as they trudged through homes, writing offers, losing, and then doing that all over again. Some buyers are hitting 10+ offers before they get a home, or fatigue and go rent again. Shortages result in higher prices. Too many people chasing not enough product pushed the medium prices up 24.3% across all properties. Buyers not only have to compete against rising prices, but they now battle with major hedge funds who are buying homes above market and turning them into rentals. Buyers cannot get a break.
Is there a softening in our future? First time unemployment claims continue to be high. We know that delinquencies across the nation are high. Interest rates likely cannot go up, and the forbearances should be ending in August. Maybe some of this pressure will begin to subside and buyers who have been trying to find a home, might. Or July hits with a lot of the same and we will continue the brutal pursuit of trying to find buyers homes,” said Colorado Springs-area REALTOR® Patrick Muldoon.