September 2010 homes sales in Colorado Springs dropped 26.7% from 2009. This is the 3rd straight month showing year to year declines, and the largest so far, indicating that some of the weakness in the housing market is not from borrowing sales into the spring with tax credits, but rather indicates a more fundamental shift in buying. Prices were still up from the prior year (7.25% average, 2.7% median), but dropped from the prior month. The inventory of unsold homes grew 14.9%, a trend that also goes back several months. Double dip, or just an extension of the same housing recession? I’m sure it matters what you call it, those of us who depend on the housing market for our living are ready for things to get better. They almost were at one point.
For more details on homes sales trends in Colorado Springs, please visit the Market Conditions section of the LivingColoradoSprings.com web site.