Colorado Springs Housing Crash? Or Just a Correction?

    In a recent article, National Housing Inventory Crisis Reaches Inflection Point, written by Realtor.com is reporting that:

    1. Nationally, new listings jumped 8 percent year-over-year, the largest increase since 2013
    2. Median listing price growth continues to slow at 7 percent in September, compared to 10 percent last year
    3. Total listing in the 45 largest markets now up 6 percent on average over last year

    September housing report which shows national inventory has started to flatten, signaling a crucial inflection point for the inventory crisis. According to the report, inventory declined a mere 0.2 percent from a year ago and is poised for positive growth ahead, boosted by an 8 percent increase in new listings — the largest yearly jump since 2013.

    In September, the U.S. median listing price remained at $295,000, a 7 percent increase year-over-year, but lower than last year’s 10 percent increase. Homes continued to sell at a relatively rapid pace of 65 days on average, 4 days faster than last year. More than 465,000 new listings entered the market in September, an 8 percent increase and the biggest yearly jump since 2013.

    Some may think that the increase in inventory could be a sign that we are returning to the market before the crash in 2008. But we see the Colorado Springs housing market becoming more normalized. So what does a normal market look like?

    A normal market would have 4-6 months of inventory (homes for sale). Colorado Springs still has high buyer demand, and the increase in my opinion will help give greater opportunities to families who have been unable to find a home to finally become homeowners.

    If you tried to buy a home over the last 2 years, but gave up because of the “buyer competition” or you may have felt there wasn’t anything matching what you were looking for. Now is a great time to reach out to us. The increase in available Colorado Springs homes will give you a better chance of finding the right one.

    Check out 3 Things To Look For When Buying A Home In Colorado Springs

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