Home sales picked up in February in and around Colorado Springs, the state’s second-largest real estate market. It’s a promising sign for a region that’s been relatively tepid on the housing front, as high mortgage interest rates persist and builders work through a backlog piled up through COVID-era supply chain disruptions.
Realtors sold 792 single-family homes in February, according to the Pikes Peak Association of Realtors. In February 2023, 778 homes were sold. It’s not a dramatic jump, but it’s the first year-over-year monthly increase in two years for the region.
Also, new listings in February were 1,142, compared to 976 the previous year and the median price is up more than $15,000 over February, to $455,950. The price also rose from January to February by more than $5,000
All of this is good for sellers, though highlights remain for buyers. For instance, homes are still sitting on the market for more than 50 days on average.
Also, atypical financing options have been gaining favor among lenders, such as interest rate buy-down plans.
