Colorado Springs Home Prices Are Rebounding

Hey there, Colorado Springs home buyers and sellers! Let's cut through the fog of uncertainty and break down what's really happening with the real estate market. Sure, the headlines have been a bit gloomy lately, but just like the unpredictable Colorado weather, things aren't always as they seem!

Last year's skyrocketing home prices may have dipped a bit, but that's no surprise. We were comparing to an extraordinary peak year that would have given Pikes Peak a run for its money. But let's give the stats a fair shake, shall we?

Instead of year-over-year, let's look at monthly data. Think of it as switching from the panoramic view to a more detailed snapshot. And believe me, the picture is much more cheery. While each local market is as unique as a Colorado wildflower, the nationwide trend tells a tale of recovery.

Below, you'll see graphs from three respected sources, each painting a picture brighter than a Rocky Mountain sunrise. It seems the steepest home price declines are already yesterday's news, with prices on an upward climb.

Our local housing market journey over the past year can be split into two chapters. Early 2022 saw prices going up faster than a Colorado wildfire, but come July, they started to cool down (marked in eye-catching red in the graphs). By late summer or early autumn, the trend started to steady itself. And just like our majestic aspens in spring, the latest data for 2023 shows prices are sprouting up again.

Three straight months of rising prices? Now that's as encouraging as a bright blue Colorado sky! The monthly data suggests a shift – our home prices are on the upswing, friends.

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Craig J. Lazzara from S&P Dow Jones Indices compares the recovery to a gripping mystery novel:

"If I were trying to argue that the dip in home prices from June 2022 ended definitively in January 2023, April's data would be my smoking gun."

Many experts theorize that prices didn't plummet as some feared, largely because home availability can't keep up with eager buyers. Even with today's mortgage rates, there are more folks looking for their dream home than houses on the market.

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Chief Economist at First American, Mark Fleming, likens the situation to a pressure cooker:

"History shows that higher rates may dampen price hikes, but they don't cause a total collapse. Especially in today's market, where demand for homes outruns supply, keeping those prices nice and toasty."

Echoing this sentiment, Fannie Mae's Senior VP and Chief Economist, Doug Duncan, suggests this high demand is propelling growth beyond expectations:

"… housing prices continue to exceed what was predicted … Housing's strong showing is a testament to the might of demographic-driven demand …”

What Does This Mean for You?

• Buyers: If you've been hesitating to buy, fearing a price drop would leave you high and dry, breathe easy. Prices are back on the rise. It's like owning a piece of the Colorado mountain range - it only gets more valuable over time.
• Sellers: If you've been in wait-and-see mode, concerned about your home's value, now might be the right time to join forces with a realtor. The tide appears to be turning in your favor - you won't have to play the waiting game anymore.

To wrap it up, if you've been putting your moving plans on hold, worried about the housing market, it's time to dust off those boxes. The data suggests the downturn is mostly behind us (for now, at least), and prices are on the rise nationally. Let's connect to give you the lay of the land on local home prices. Let's get you moving! 719-434-7525

Search houses for sale in Colorado Springs and surrounding areas

Find the value of your Colorado Springs home