Demand this year to buy Colorado Springs area homes is up 5% while the number of homes for sale is up 10%. But that hasn’t hurt prices as the median price of closed homes has risen 6%. These numbers are comparing July of this year to July of 2023.
We have been in a slower market for two and a half years now. Ever since the FED started raising interest rates. Are we on the tail end of the cycle? What will rate cuts do to the market? We could only assume that cuts would increase transactions as pent-up demand would emerge.
Prices have not been hurt much so far, and with the end of the cycle in sight, it doesn’t seem that we will see any substantial declines any time soon.
Are you thinking about buying or selling this year?
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