HOUSING MARKET PREDICTIONS UPDATE – July 2024

HOUSING MARKET JUNE 2023 TO JUNE 2024

The housing market in Colorado Springs remained healthy in June 2024. Unlike previous months, however, it showed only a slight increase in average sales price from the same period last year.

The month ended with interest rates for conventional loans hovering around 7.14%, while VA and FHA loans came in around 6.6%. Houses were generally selling within a month of being put on the market, up from selling within three weeks last June. Even though there was a drop of New Listings, there was an almost 50% increase in the number of Active Listings from the same period last year.

It is currently a hesitant time for Buyers in local Colorado Springs real estate sales. Many are waiting for interest rates to come down, but I strongly advise against it.

HOUSING MARKET MAY TO JUNE 2024

The past few months have seen a dramatic shift in New Listings vs price drops. While New Listings averaged 300-400 per week, price drops averaged 400-500! Another strong indication that you need to take the advice of a seasoned real estate professional and price your home at or just below Fair Market Value. It will sell quicker and for more money if you don’t overprice!

The number of New Listings between May and June decreased more than ten percent, but the number of Active Listings increased almost fourteen percent in the same month. This is a definite indication of a slowdown in sales. There are approximately two-and-a-half months of inventory of available homes, still indicating a strong Seller’s Market.

Month to month, the average sales price increased more than three percent.

HOUSING MARKET PREDICTIONS SECOND HALF 2024

In a nutshell, this is what the experts are predicting for the housing market in the second half of 2024:

  • Home prices will climb moderately
  • Interest rates should come down slightly
  • Home sales are projected to hold firm

According to Keeping Current Matters, this graph is a summary of what the experts are saying:

Don’t try to figure it out on your own. Consult with an expert who knows your local real estate market. Things are changing rapidly. Make sure you’re getting the best advice possible.

Consult with an expert

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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