Single-family home sales totaled 1,658 in August, a 14.2 percent increase over the same month last year, according to the latest Pikes Peak Association of Realtors report. Home sales have risen nearly every month for the last three years.
Through August, home sales totaled 10,943, up 6.8 percent over the same period in 2016, the report showed. Year-to-date home sales already have surpassed annual totals from 2007 through 2013, and are on pace to match or break last year’s record total of 15,318, according to Realtors Association data.
A stronger economy, job growth, improved consumer confidence and low mortgage rates are among the factors driving the demand for homes, local real estate agents have said.
August’s Realtors Association report also showed:
– Homes sold briskly – averaging just 24 days on the market. By comparison, homes averaged 84 days on the market before selling in August 2014.
– The median price of homes that sold last month rose 6.7 percent to $282,750 compared with the same month last year. Median prices now have increased for 33 consecutive months on a year-over-year basis. The median is the midpoint of all sale prices.
– The average price of last month’s home sales increased by 6.1 percent to $313,781. Like median prices, average prices have risen for much of the last three years. Average prices, however, can be skewed by a few very high or very low sales and real estate experts don’t necessarily consider them as reliable.
– Homes listed for sale totaled 2,284 in August. The number of homes listed for sale remains historically low; in the early 2000s, and before the Great Recession, homes for sale often topped 4,000 during the summer months. Among reasons cited by real estate agents for the tight inventory: some homeowners aren’t selling for fear they won’t find another house to buy; others are leery of the stock market and want to hold on to their real estate investments; and the demand for homes means many properties are snapped up as soon as they hit the market.
The Realtors Association report is based on home sales whose transactions were handled by real estate agents; it doesn’t include sales by homeowners. About nine of every 10 sales in August took place in El Paso County.