Another month, another record-setting performance for the resale side of the Colorado Springs-area housing market.
Sales of single-family homes and prices both reached new highs in June, topping records just set in May, according to a report released Tuesday by the Pikes Peak Association of Realtors.
Historically low mortgage rates and a stronger economy are among factors that have led to a homebuying surge.
But the market now is so tilted in favor of sellers that many buyers can't find the home they want - especially in lower price ranges, said Bruce Betts, broker/owner of Re/Max Advantage in Colorado Springs.
"Anything under $300,000 is going to sell within a week or less if it's priced correctly," Betts said.
At the same time, finding rental homes is difficult, which prompts many people to look to buy - if they can find what they want, Betts said.
"It's a great market if you're selling in the average-and-below price ranges," Betts said. "But if you're a buyer, or a tenant looking for housing, it's not good at all because you have very little to choose from. And there's no sign of anything really changing."
The Realtors Association report showed:
- Home sales totaled 1,651 in June, nearly 18 percent higher than the same month last year. June also saw the most sales for any single month, beating May's record of 1,497.
- Through the first half of 2016, home sales totaled 7,306 or a 16.3 percent increase over the same period last year. If that pace continues, home sales for the year are likely to break last year's record of 13,250.
- Homes spent an average of 31 days on the market before selling, according to the Realtors Association report for June. A year ago, homes were on the market more than twice as long before selling - an average of 71 days.
- The median price - or mid-point - of homes sold during June reached a record $262,500, a 5 percent year-over-year increase and a slight gain from last month's record of $262,000.
- The inventory of homes listed for sale totaled 2,639 in June. That figure was down nearly 17 percent from June 2015, although it was the highest monthly total since October of last year. Still, the tight supply of homes for sale has helped propel prices and made it tough on buyers.
The Realtors Association report includes home sales whose transactions were handled by its members; it doesn't include properties sold by individual owners. Most home sales in June took place in El Paso County.
Contact Rich Laden: 636-0228
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