COLORADO SPRINGS — Some home prices are falling in Colorado Springs. One local Realtor tells us that in the last seven days, there have been 186 home price reductions.
“The reason is, caused by the interest rate, mostly, and the optimism of people thinking we’re still back in 2020, and we’re not, and they put it on the market at a high number. Then they realize they’re not going to get showings, they’re not going to get feedback, and they go ahead and lower it," saidJoe Clement, Broker Owner of Remax Properties in Colorado Springs.
According to the Pikes Peak Association of Realtors, there were 777 homes sold last month. That's a 10-year low for the month of December. Clement believes that's due to high interest rates, and December being a typically low month for sales.
Clement, however, believes there is hope on the horizon. He anticipates interest rates falling in the year, something that's supported by the National Association of Realtors. He believes that will help spur activity in the Pikes Peak region.
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