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 Get An Edge Up, But Don't Want It
Dated: August 15 2025
Views: 164
Are the tides turning in favor of buyers? We have some signs that it may be true. July proved to be a frustrating month for sellers. What is normally summer selling season was lack luster at best. Increased inventory, up by 21% from the previous year, gave buyers more selections. But they didn’t show up to buy. Median prices dropped 1% and units sold were off at 6% year over year. Affordability continues to be an issue.
Part of the issue we are feeling about housing relates to overall debt in my opinion. Student loan payments, car payments, credit card payments, food bills, gas, insurance. All these weighs on the economy. And that carries over to housing. American households need to earn $112,000k per year to afford a home. We have a median income of $84,000.00 per Nick Gerli, of REVENTURE. This is a large spread. And something must give. Either wages must increase, interest rates must drop, or home prices must come down. And in many areas the housing shift on prices has begun. But here in the Pikes Peak Region they continue to stay elevated, and many would-be buyers opt to save money by renting.
The economy continues to be fragile. Economic data from jobs to manufacturing show that we may be for a bumpy ride this winter and into next year. The betting odds of a rate drop from the FED in September are running around 85%. 4 FED presidents have now come out publicly for rate cuts. The FED typically is late and probably should have dropped rates 6 months ago. 41% of consumer spending goes to housing, utilities, healthcare, medications, and insurance. In 1980, that was only 30%. Buyers are sitting on the sidelines because they are nervous. And until we see a better alignment between wages and home prices, I think you will see potential buyers sit longer. I imagine this winter will feel colder than many in our past when it comes to the housing market locally.
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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