HOUSING MARKET PREDICTIONS MAY 2024

Housing Market April 2023 to April 2024

Despite doom and gloom naysayers, the Colorado Springs housing market continued to be strong in April 2024. The average sales price of a home was up eight-and-a-half percent over the same month last year. Inventory was up over fourteen percent from last year. Houses sold in little over a month after being listed for sale.

While the Feds were expected to lower interest rates in June, that is now not likely to happen before September of this year, if even then. The unfortunate truth is that higher interest rates and higher home prices are keeping many from entering the housing market.

The real estate year has been up and down. People trying to time the market were left frustrated, and many finally joined in the bidding. Last year there was a Bank of America survey that showed 85% of Americans were waiting for rates to fall. That figure was recently noted at 62%, indicating prospective buyers are tired of waiting to purchase a home.

Housing Market March to April 2024

In the past month (between March and April of this year), new listings rose over thirty-one percent. Sales were up almost six percent from March to April, as was the average sales price. Active homes for sale in Colorado Springs rose over twenty-three percent. There is now a two-month supply of homes available (inventory), continuing to show a strong Seller’s Market.

The big news in real estate continues to be interest rates. Many were hoping for lower interest rates, but they remained steady between seven and seven-point-seven percent.

Condominium listings rose over twenty-two percent during the month, with an almost twenty percent increase in active units for sale from March. That is not a surprising statistic for the time of year, but a six percent increase in sales over the month shows affordability may be a factor in buyers getting into home ownership with condominium purchases.

Housing Market Predictions Spring 2024

If you are thinking of purchasing a home, I encourage you to buy as soon as you’re ready. Rates will come down eventually, but since home prices have risen 76 of the past 81 years, it’s unlikely prices will come down soon.

In the current landscape of rising home prices and uncertain interest rates, one way to get into the home of your dreams now is to find a lender who will refinance your loan for FREE as long as you have the mortgage on that property. So when interest rates come down, it will cost you nothing to refinance. It’s a grand alternative to help prevent the bidding wars that are inevitable when rates take a turn for the better.

Experts do not currently expect rates will adjust appreciably before September 2024, and maybe not even then. If you’re thinking of buying or selling a home in the Colorado Springs area, consult with an expert with decades of experience. I would be more than happy to help you, with no obligation, navigate your best options in this constantly changing real estate market. Give me a call today.

By Mimi Foster

About the Author

Mimi has received the honor of being voted one of Colorado Springs' Best Realtors five years in a row. With over two decades of experience, she is committed to making the home buying/selling process as easy and enjoyable as possible. Read Full Bio…

Helping buy and sell homes throughout Colorado Springs,
Old Colorado City, Manitou Springs, and surrounding areas

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