Home sales in Colorado Springs dropped again in October by 18.4% from October of 2009. October’s drop was the smallest year to year decline since July. Year to date, sales were down 4.4% through October.
Colorado Springs home prices on the other hand, increased 12.6% on average, the median (1/2 above, 1/2 below) was up 6.4%. This is likely a reflection of the decline in the percentage of homes categorized as distressed. October’s distressed sales (at least those disclosed as such) were only 17% of the total, compared with 22% last year at this time. The higher end seems to be doing ok as well, with the 90th percentile at $402,000.
The record low interest rates are definitely helping things from being worse, interest rates in Colorado Springs going into the Halloween weekend for 30 year fixed were right at 4% for many lenders, and 5 and 7 year adjustables were in the low 3’s.
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