Some more great news was recently reported for Colorado Springs homes. The most recent CoreLogic analysis shows that prices for the market increased 8.2% year-over-year in April. While much of these gains came from increases in Colorado Springs foreclosures, removing those distressed homes still showed an increase in 7.2% for the year.
From The Colorado Springs Business Journal:
Colorado Springs home prices climbed 8.2 percent year-over-year in April, according to analysis firm CoreLogic .
They rose 2.1 percent from March to April. Excluding the distressed sales, short sales and bank-owned properties, sales prices climbed 7.1 percent year-over-year.
The sales price increases are good news for the rebounding real estate industry. While the figures in Colorado Springs are strong, they trail the national average, where home sales prices increased 12.1 percent year-over-year.
Nationally, April saw the biggest year-over-year home price increase since February 2006, according to the report. However, the national home price index is still 22.4 percent below its 2006 peak.
These numbers are tending along the same path as the market for Metro Denver homes and it will be interesting to see if the trend continues through the year. As we have been discussing, the huge lack of inventory has been hurting buyers and has turned the market into a true Sellers’ market in a matter of months.
If you would like to talk to one of our experts about you Colorado Springs home, give our team a call at 719-641-4209.