COLORADO SPRINGS — Home prices across the nation rose yet again for the third consecutive month, according to a study from Black Knight.
But Colorado Springs is bucking the trend. According to the Pikes Peak Association of Realtors, home prices in El Paso County fell 5.27% in April compared to that time last year.
That means the average price for a home in April 2022, $561,907 is now $532,234 in April 2023.
Realtors say despite some challenges, the local housing market remains strong.
"Inventory is a little bit low, sales are a little bit low, but we're still competing in certain niches in the market... honestly I think sometimes people think we're in a housing recession, and that's just not the case. Sometimes the story comes out that way, but honestly we're still in a market that's fairly healthy and almost normal," said Broker Manager with Remax Properties Brian Silvka.
Realtors describe the housing market in our area as natural right now. That's because high-interest rates are keeping more people from buying, while sellers aren't keen to lower their prices.
"Inventory is a little bit low, sales are a little bit low, but we're still competing in certain niches in the market... honestly I think sometimes people think we're in a housing recession, and that's just not the case. Sometimes the story comes out that way, but honestly we're still in a market that's fairly healthy and almost normal," said Silvka.
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