Up, Down & Sideways in the Real Estate Market
Since the real estate market has cooled just a bit in June, as reported by CAR’s Market Trends, REALTORS® are left to prognosticate about the future of the market. “The analogy that really conveys to us what’s happening is just that we’ve hit the summit,” said CAR Spokesperson Matthew Leprino. “We’ve climbed to the top of the mountain and we’re hanging out there. It’s not as though we’ve started a freefall back in the other direction. And just because you’ve reached the top of a mountain doesn’t mean you need to go back down. The historical perspective is that prices always go up, even when they decline in the way they did in ’09, ’10, ’11, ’12 and ’13. They very quickly rebounded back to the levels they would have been had the Great Recession never happened.”
CAR Spokesperson Patrick Muldoon of Colorado Spring looks to the front-range data because what happens in Denver will soon affect other parts of the state. He said, “I feel like most of the buyers we’re working with locally now are actually local buyers because the Denver market is also slowing. We’re starting to see that into Pueblo. Those commuters at $5 a gallon can’t really justify a house price change…If you’re in Denver, you might have some inventory free up and be able to stay in Denver. If you’re in Colorado Springs, you might actually find houses closer to work,” he said. “You don’t have to move to Pueblo.”
https://coloradosun.com/2022/07/16/front-range-housing-market-slowed-inflation/