COLORADO SPRINGS, Colo. (KOAA) — Andrea Warner, chair of the Pikes Peak Association of REALTORS, says the Pikes Peak region's housing market remained largely stable in July, but slowing home sales and new financing requirements for condominiums could create additional headwinds heading into the fall.
Single-family home sales dipped slightly in July compared with June, while inventory, home prices and days on market remained relatively unchanged.
Single-Family/Patio Homes – El Paso County
- Available listings: 3,237 (+5% from June)
- Homes sold: 945 (-10% from June)
- Median sales price: $503,700
- Average sales price: $580,282
- Days on market: 37 days (vs 42 days in June)
Single-Family/Patio Homes – Teller County
- Available listings: 321 (-1% from June and down 16% from July of 2025)
- Homes sold: 52 (-5% from June)
- Median sales price: $555,000
- Average sales price: $600,402
- Days on market: 64 days
Condo/Townhomes – El Paso County
- Available listings: 680 (+8% from June)
- Homes sold: 134 (-6% from June)
- Median sales price: $305,000
- Average sales price: $328,603
- Days on market: 52 days
Condo/Townhomes – Teller County
- Available listings: 22 (-15% from June)
- Homes sold: 1
- Median sales price: $170,000
- Average sales price: $170,000
- Days on market: 91 days
"The sales is what went down and that was kind of a little bit disappointing for me," Warner said when speaking about single-family homes. "I was really hoping that it would just stay steady up there. I mean, not a huge amount ... but I like to see the number go up and not go down."
Despite the monthly decline, Barker noted the year-over-year figures show a remarkably consistent market.
"When you look at July of 2025 compared to July of this year, there really wasn't a huge jump in price either. They pretty much stayed the same," she added. "Days on market's really the same too ... and even when you look at the sales... not a huge difference."
Barker expects August to look much like July as buyer activity slows near the end of the traditional summer selling season.
"I think August you're going to see it still stay steady," she said. "Unfortunately, I think we're going to see about the same for August because what I'm hearing amongst the meetings and committees and fellow agents, showings are slowing down."
She said homes in the middle price ranges are seeing fewer showings, while higher-end homes continue to move more quickly, often through cash purchases.
Although affordability remains a challenge, Barker said buyers may find more opportunities in homes priced below $400,000 than in recent years.
"I think you're actually seeing more in the $300s ... than what we have in past years," she stated. "I think what we're seeing is that agents are actually talking to the sellers and letting them know, 'We have to be smart with our pricing.'"
Barker also pointed to growing challenges in the condominium and townhome market, historically considered the entry point for first-time homebuyers.
"When you actually look at the numbers from this time last year... the average sale was $383,000. Last month was $328,000. That's a big-time drop," she said.
She said rising homeowners association fees, insurance costs and financing hurdles are making condos less attractive.
Beginning this month, new lending requirements from Fannie Mae and Freddie Mac eliminate a waiver that allowed some condominium projects to bypass a full review during the mortgage approval process. Barker said lenders now expect the additional review to add seven to 14 days to many closings. Click here to read more on a report from REALTOR.com.
"It's getting harder to finance condos," she said. "Insurance is a big part of it."
For homeowners preparing to sell, Barker said pricing remains critical, but presentation is just as important.
"Buyers do not want to change carpet. They don't want to paint. They don't want to do anything," she said. "Have your home pre-inspected ... make sure that it's top-notch, ready for showings."
She added that buyers have more negotiating power than they did a year ago because inventory has increased.
"Buyers have more choices. They can take their time," Barker said. "It allows them to slow down, be choosy and really think about the decision that they're going to make."
Artificial intelligence also remains a major topic across the real estate industry, Barker said, but she believes it should complement, not replace, professional expertise.
"If you refuse to use it, then you're going to be behind the curve," she said. "But ... you have to make sure that you reread everything that comes out of it. You can't say, 'Well, this is what AI told me.'"
Despite higher mortgage rates than buyers saw several years ago, Barker said she does not believe waiting will improve affordability.
"Buyers, don't get discouraged about the interest rates," she said. "We're not going to see 2 and 3 percent, so please don't wait. Now is a great time to buy."
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