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
October Sees A Drop
Dated: November 16 2024
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“Have we seen the first break in trend that may bring some reprieve to buyers? Maybe, maybe not. The good news is we sold 21.4% more listings year over year, but we were also up 30% on active listings across the Pikes Peak Region. The median price fell year over year for all properties. Although it is just one month, and it only fell 2.4%, could this be the start of the reprieve some buyers are waiting for? With days on market continuing to stack up, and price drops hitting the market daily, it will be a trend to watch as we work through the next few months. Nationwide though, median price rose 3% from a year ago.
“Many thought that the election was holding buyers and sellers up. Although I don’t personally believe this was true. The economy is hard, prices are high, and buyers are very cautious. The data coming out in October showed why there is apprehension in the economy. Only 15% of small firms planned on hiring over the next 3 months. The share of small business owners saying it was hard to fill jobs also fell to 34% - the lowest since 2021. Mortgage rates stayed elevated, and after the election results were made final, rose further. U.S. consumers saw a 14% chance of missing a debt payment in the next 3 months, the highest since 2020. Americans earning less than $50,000 a year saw a 20% chance of delinquency. And for those making over $100,000, they saw an 8.4% chance, which was the highest since 2014. Debt is breaking the backs of the consumer, businesses, and the country. We could drop a long list of retail and restaurant chains that are either closing stores or admitting they have seen major consumer weakness.
“Looking into the future, the Federal Reserve dropped rates .25% again in November. I don’t think this will change much, but it should be noted for our report. We must continue to keep an eye on the commercial mortgage backed securities market. The delinquencies there are continuing to rise. Unless we can figure out our debt issue, the rest seems futile. And let’s not forget, foreclosure moratoriums are on track to end at the end of the year. Can a new sitting president curtail all of this? I know many are hopeful. But the economy is a massive machine that is not easy to turn. Does housing avoid the rise in delinquencies that other parts of the economy are already seeing? Usually not. It will be an epic year ahead to watch and cover the housing market and economy,” 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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