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
It Is Not Easy Out There
Dated: January 22 2025
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“And the year comes to an end much where it began. Median prices were up, active listings remained higher, yet we did sell more homes year over year. Which was a nice little holiday treat for many sellers who struggled much of the year. Despite mortgage rates increasing throughout the month, December was actually better than it could have been. But the struggle for home buyers remains.
“The overall market paints a little more dreary picture. Overall, U.S. existing home sales for 2024 were on track for 4.04 million, the worst since 1995. This would put overall home sales below the great financial crisis of 2008. REALTORS®, sellers and buyers were all aware of the housing market struggles. Buyers cannot easily afford homes at these rates, and this led to a 24.4% increase in days on market in our local region and a dramatic increase of homes being withdrawn from the market when they did not sell.
“As we head into 2025, things to watch include inflation, job openings, unemployment, and debt. If inflation begins to take off again, the Federal Reserve rate cuts will end and maybe even reverse. If job openings begin to slow, we can probably expect unemployment to go up. All of this is a balancing act for both the Fed and the incoming president, and it all affects housing. I believe the 2024 struggles will continue into 2025. I’m not optimistic that Washington can get our debt under control and that is going to be key to getting the economy back on track. It also seems that mortgage rates are going to stay higher for longer, putting pressure on all the ‘marry the house and date the rate’ homeowners that bought in 2022 and have been waiting for rates to drop to refinance. The Fed seems to have itself painted into a corner now and I am not sure they know how to fix the mess this has now created. But our resilient industry will find a way to help both buyers and sellers navigate this ever frustrating real estate market,” 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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