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
Regional and National Housing Update
Dated: July 17 2023
Views: 251
For the buyer waiting for prices to drop, it is going to take a little more patience in the Pikes Peak Region. Although overall sales ended up down 23.1% across all properties, we were only down 1% on the median price from a year ago. As rates pushed up inventory remained low, and prices remained stable. With the average days on the market increasing over 100% for single family homes, many are asking, what gives?
Meanwhile, the Pueblo Market was a little different than the Pikes Peak market. Overall sales were down 28.5%. A decent drop on units sold year over year. But after a hit in May on prices, we saw a slight rebound and the median price in June with a 6.3% increase in prices. So, what gives and what is going on? Lets dive into this.
Interest rates remain high so many believe that would then shake out high prices and we would begin to see a correction. In many parts of the country, we are seeing corrections. But corrections take time. The peak hit in spring of 2022 and we are now transitioning. The last time we went through a housing correction we would peak in 2006 and would not see major correction signs until Q3 of ’08. As I have said, it takes time. With unemployment remaining low and inventory in housing remaining low we are stagnant. But don’t worry, the FED is going to try their best to dislodge the economy without destroying it completely. The term soft landing has been thrown around more times than we can count, but the FED has few examples of soft-landing recessions. The CEO of Bank of America, Brian Moynihan, said he saw a soft landing in the economy. That quote was in April 2023. And yet by the beginning of July, Michael Hartnett, chief investment officer at Bank of America said the current stock market rally is a “big rally before a big collapse.” And as the stock market goes, so does the economy.
The Pikes Peak Region stays resilient. And for sellers that is great news. Buyers are simply priced out of the market. Rents are now lower than home payments. This is not normal and typically that difference will find balance. And that balance should mean home price corrections are coming. The FED has been very vocal on bringing down shelter prices. With the latest economic data in both jobs and then inflation we will likely see a .25 hike on the FED rate in July, and another one before the end of the year. The FEDS history shows they will continue to push until something major breaks. The first of bank failures were the initial signs of this stress. But the commercial market is now feeling pain, which is a story all by itself. Regional banks continue to struggle. With credit card debt nearing 1 trillion dollars, student loan payments likely to start back up in some capacity and no relief for many Americans, I still believe we are just at the first inning of a correction. But only time will tell, and I will continue to deliver my perspective as we go!
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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