November 2010 home sales in Colorado Springs dropped 31.74% from November of 2009, the 5th (and largest) consecutive monthly decline in sales. Only 542 homes were sold according the Pikes Peak Association of Realtors Realtor Services Corporation. The average price was $233,286, up 9%, and the median was $198,000, up 5.35%. Factors affecting home sales include the continued constrictive lending rules, rising unemployment in Colorado Springs (9.2% in October), and continued lengthy deployments of soldiers based at Ft Carson.
Interest rates on 30 year fixed rate mortgages for much of the past 60 – 90 days have been around 4%, but have risen slightly in the last 2 weeks, to 4.375 – 4.5%. Since November’s figures are mostly reflective of contracts written during the lower rate period, rising rates could spell further trouble ahead. The supply of homes for sale has dropped from the summer selling season, but remain at 4,749 homes for sale in Colorado Springs and the surrounding areas.
For more details on November home sales, and current real estate market conditions, please visit www.LivingColoradoSprings.com/market-conditions.
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