Does Fall Bring a Fall in Housing??

Dated: October 15 2021

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The fresh scent of fall was in the air. The days were still hot, but the evenings were cooling off and you could sense a change in the weather. Colorado can really have some great fall weather when it cooperates. And I think real estate is also this way this time of the year. School is back, summer is over, and housing was really hot, and yet, at some points, felt like it cooled off a bit. While many homes continued to receive multiple offers, others were actually sitting a little bit. Some even saw a price drop before going under contract. And real estate seems to be this way every year around September. So, for most of us, we were expecting a mixed feeling in September. Maybe even a little breather.

 

“September remained a very good month though. Year over year, we were up 14.8% on median price, and a lot of that can be attributed again to low inventory and high demand. We dropped on active listings 14.9%. So, once again, sellers were in the right place at the right time to sell their homes, and buyers remained competing most of the time. Toss in the investors and iBuyers and you still run into a frustrated buyer pool and equally frustrated buyer agents. Both competing often and losing out frequently.

 

“But are the winds of change upon us? Nationwide unemployment continues to be a concern as first time unemployment claims are consistently in the 350,000 per week range. New jobs created was dismal in September coming in far below expectations. Toss in higher gas prices at the pump, inflation fears that won’t go away, grocery prices skyrocketing, and a pandemic that appears to never leave the news. All of this may be a set up for an actual cool down. The economy is retracting. Economic trends take time to work through the economy. My best guess is we have about six months before we begin to hear that housing has peaked throughout most of the Pikes Peak region and that we may actually be settling in for a more balanced market,” said Colorado Springs-area REALTOR® Patrick Muldoon.

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Patrick Muldoon

I have many interests and hobbies to supplement my busy career in real estate. Although I enjoy my work I also enjoy finding free time to enjoy the most important things in life. This includes being w....

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