Colorado Springs and Denver have at least one thing in common: their housing markets continue to show signs of strength, two new reports show.
The Springs ranked No. 9 in June in Realtor.com’s “hotness index,” which identifies the nation’s top 20 metro areas for single-family housing. Colorado Springs moved up two spots in Realtor.com’s rankings after coming in at No. 11 in May.
As its single-family housing market has recovered over the last several years, and as its economy has surged, Colorado Springs has routinely found itself as part of Realtor.com’s top 20 hottest markets.
Realtor.com, an online real estate service, ranks markets based on the number of online views that their home listings receive, which is an indicator of housing demand in a given area. Realtor.com also ranks markets based on the median number of days that homes were on the market before selling.
In Realtor.com’s June report on hottest markets, which was released this week, Midland, Texas, ranked No. 1 for the second straight month. Other markets in the top five, in order, were Columbus, Ohio; the Boston area; Fort Wayne, Ind.; and Boise City, Idaho.
Denver didn’t make Realtor.com’s hottest markets last month, although it has been part of the top 20 rankings in the past.
But Denver-area home prices continue to climb, showing the popularity of the Mile High City’s housing market.
In June, the median single-family home price rose to $452,500 in the Denver area — not a record high, but still nearly 7 percent higher than a year ago, according to a report Thursday by the Denver Metro Association of Realtors. Denver’s average price of $539,934 in June was up almost 9 percent on a year-over-year basis.
Denver-area home sales, however, fell in June by 11.6 percent compared with the same month last year. Sales of 19,338 homes in the first half of 2018 also were down almost 4 percent compared with last year, although year-to-date sales were up compared with the same periods from 2014 to 2016.