Interest Rates Change, Sale Prices Stay, Balance Predicted in CAR’s Housing Affordability Index
REALTORS® across the state report the tides are turning in Colorado’s hot housing market, however, the prices are not, according to CAR’s April Market Trends report. In April, the statewide average home sales were $747,226 for a single-family home and $578,237 for a townhome or condo.
Summit County data showed that 81% of homes in the county were priced at over $1 million, where workers are needed badly. “That’s noteworthy. Especially in these mountain communities, (where) we need more hard-working people to facilitate them,” said CAR Spokesperson Matthew Leprino of Denver.
In Colorado Springs, where some people consider housing more attainable, CAR’s April Market Trends showed that new listings grew almost 10% between April 2021 and 2022. The median home price there has increased 15% to $489,000. CAR spokesperson Patrick Muldoon of Colorado Springs commented, “If we are lucky enough to see more listings and less buyer demand, we may just have a balance here we have not seen in years.”
Read more coverage of CAR’s Market Trends Report for April.