COLORADO SPRINGS“The statistics do not tell the entire story. We may show only a 1.1% drop in the median sales price for all properties, and a slight uptick in active properties, but the real
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“Despite the continued economic tightening, that pesky inflation number does not seem to budge. The Fed is bent on bringing it down, but as we look in each month, it’s just not cooperating. Which then allows the Fed to raise rates, again. To make matters worse, the 10-year yield has also placed itself firmly above 4% and therefore, we see 30-year mortgage rates nearing 7%. All of this translates into what was recently a robust housing market feeling some real pain.
“Locally, we see this play out with a sharp decline in year over year sales, a drop of 35.2%. As sales dropped, inventory rose a whopping 108% over this time last year. To call this a shift is being dishonest. This is a full-on retreat under way. Buyers are just not feeling any rush locally. They have disengaged and those that are left are very patient. So patient that, combined with sellers not catching on that their market left back in May, days on market rose 146.2%.
“Nationally, these are the beginning signs of what could be a housing collapse. Builder sentiment hit 10 straight months of declines. That has not been the case since 2012. Mortgage demand continues to plummet to a time reflective of 2010. With the news of layoffs entering the news cycle, we could see unemployment begin to rise after the new year. And that would be the proverbial nail in the coffin. Housing is 20% of the overall economy. It is stated that, as housing goes, so does the economy. And we are seeing that play out in real time. Optimism has left the building as consumers grapple with double- digit rises in groceries, gas, and debt. Now that we are post-election, I believe we are going to get a real taste of how bad the economy is, and with that which way housing is headed. Look for a very interesting first quarter of 2023. The housing bulls are going to likely be left holding a muleta in an empty arena of disbelief,” said Colorado Springs-area REALTOR® Patrick Muldoon.
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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