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
Buyers Remain On The Sidelines
Dated: December 11 2024
Views: 184
“The housing market continues its march up on values as witnessed 3.3% increase in the median price across all properties in the month of November. This continues to keep buyers sidelined, waiting for any signs of affordability. We added inventory year over year with a 26.2% increase of properties on the market. We had hoped additional inventory would bring buyers back to the market. We had been told buyers were on the sidelines due to a shortage of homes to choose from, but that does not appear to be the case since the average days on the market was also up. Buyers are gridlocked with high rates and high prices.
“Pricing remains resilient although we’ve seen a growing number of homes pulled off the market, likely due to the lack of interest and contract offers. That seems to be the market dichotomy. Homes that sell continue to push the median price up, and on the reverse side, many sellers simply cannot get their homes sold.
“With U.S. household debt jumping another $147 billion in Q3, to another new all-time high of $17.94 trillion, it is hard to imagine this continuing. Twenty percent of small businesses saw their sales drop over the last three months, the highest since 2020. According to National Federation of Independent Business (NFIB) data, these conditions are worse than both 1991 and 2008. And yet, here we are with housing pushing up.
“The Federal Reserve may drop rates again shortly. This shows they may have some concern for the economy, but that does not seem to be bringing home prices down any time soon. Until we see home prices drop, or rates drop, it is going to leave a lot of buyers on the sidelines and permanent renters. A sad time for would-be homeowners,” 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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