“The obvious side effect of COVID was that people would keep properties off the market. In the Pikes Peak region we saw a decrease on active listings of 12.4 percent for single
June CAR Report-Market Continues To Be HOT!
“The Pikes Peak region continues to push home values up month after month. Both townhomes and single- family homes experienced price increases even though average days-on-market pushed higher as well. This push has made much of the area unaffordable to many locals just trying to get into housing. Coupled with a tight rental market and you can understand the frustration in the buyer/tenant pool. And, house prices continue to outpace job income growth. This may be one reason Colorado Springs was listed as one of four Colorado cities most likely to be on the verge of a housing crisis in a recent MSN Money article. Sellers are jumping for joy while selling their homes yet, they are frowning if staying in the local market and trying to find housing themselves.
“Nationally, you are hearing pressure from the White House to have the Federal Reserve bring rates down which should be the canary in the coalmine. If the national economy was truly doing so well, rate drops would not be needed. So, look for more updates on that as we progress into next month. We are very likely to see rate drops by the end of August.
“Worldwide the central banks are tackling slowing economies. Trade wars with numerous countries continue to be on everyone’s radar and you can add Duetsche Bank running into recent problems as well. Whether or not any of the bad news that is out there affects the local market remains to be seen. At this time, locally, we remain robust on the housing front,” said Colorado Springs-area REALTOR® 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....