(Newswire.net — June 6, 2013) Colorado Springs, CO — The Pikes Peak Association of Realtors, which serves the Colorado Springs area is reporting increases in the number of homes selling and also housing values. The association is reporting a 34-percent increase in housing sales this year as opposed to 2012. Metro Brokers Real Estate Broker Associate Lori Jones says low interest rates are among the factors driving the sales surge. “Interest rates remain at historically low levels which is motivating buyers to act quickly and get a house. Home sales in our area increased every month during 2012 and we’re seeing the same thing happen in 2013.”
Meanwhile, the housing recovery in Colorado Springs seems to be happening throughout the Rocky Mountain State. The Colorado Association of Realtors is reporting a 16-percent increase in first-quarter home sales as compared to the year before. The numbers reflect more than 18-thousand sales of single-family residences, condominiums, and townhomes during the first three months of this year. The state association is reporting that on average a home is selling after 90 days on the market. Metro Brokers Real Estate Broker Associate Lori Jones says home sellers in Colorado Springs have waited a long time for the housing market to correct itself. “Our agents at Metro Brokers Real Estate are selling properties very fast in comparison to recent years.”
Colorado’s housing recovery is occurring across the U.S. The National Association of Realtors (NAR) reports that Pending Home Sales in a recent month were up seven-percent from the year before. Pending Home Sales is a leading indicator for the housing sector based on pending sales of existing homes. Also, all 20 major cities in the recently released S&P Case Shiller Home Price Index are reporting gains in overall home prices. Cities including Las Vegas, Phoenix and San Francisco have had year-over-year gains of 20-percent and higher. Those cities are bouncing back faster than others, but they were also among the hardest hit during the housing crisis. The Case Shiller report shows home prices in March were nearly eleven-percent higher than the year previous and at the highest level in more than six years.
Meanwhile, Metro Brokers Real Estate Broker Associate Lori Jones says Colorado Springs’ strong economy can only help the housing recovery to continue. “We are fortunate to have a strong military element in Fort Carson which is a critical part of the region’s economy. We are expecting thousands of new personnel at Fort Carson, which will create more jobs and demand for housing.”