As we are getting towards the end of the year it’s pretty much the same trend going on over the past 6 months in Pueblo County. Homes are lingering longer on the market from the previous month, going from 69 days in October to 79 days in November. The median price in November was $321,000 up from a year ago by 7% but only $1,000 more than Octobers at $321,000. In comparison the median selling price in January of this year was $325,000, so essentially home sale prices have remained relatively steady this year.

The alarming trend over this past year is that the number of homes sold is down 13.3% from last year and down 8.6% year to date with only 179 homes being sold in October.

Interest rates remain as the major sticking point. Homeowners that have locked interest rates in the 2% to 4% are reluctant to move and buyers are still finding higher interest rates are reducing their buying power as affordability in Pueblo County has become an issue with buyers being able to qualify for the median asking price of homes.

Freddie Mac released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.60 percent for the week ending December 6.

“The 30-year fixed-rate mortgage decreased for the third consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “The combination of mortgage rate declines, firm consumer income growth and a bullish stock market have increased homebuyer demand in recent weeks. While the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds.”

• The 30-year FRM averaged 6.60 percent as of December 12, 2024, down from last week when it averaged 6.69 percent. A year ago at this time, the 30-year FRM averaged 6.95 percent.
• The 15-year FRM averaged 5.84 percent, down from last week when it averaged 5.96 percent. A year ago at this time, the 15-year FRM averaged 6.38 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.