(COLORADO SPRINGS)– The housing market in Colorado Springs is shifting toward buyers as housing inventory increases and home sales slow down. However, high mortgage interest rates continue to pose affordability challenges for prospective buyers.
There are currently more than 4,000 homes on the market in Colorado Springs, marking the highest inventory levels seen in over a decade. While available home inventory has climbed, buyer demand has remained steady, leading to softer housing prices.
Kyler Pettit, a real estate agent with the Berisford Group, explained that the shifting conditions give buyers an advantage during negotiations. “When we say that it’s a buyer’s market, it really just means that buyers have a little bit more leverage,” said Pettit.
In August, the median price for a single-family home in Colorado Springs dropped to approximately $470,000. That figure represents a 5% decline from July and a 2% decrease compared to August of last year. August median prices have remained within a range of $470,000 to $490,000 for four consecutive years…