Local Pueblo County Median Home Prices Up 12% since the beginning of the year

The median selling price in January 2023 for single family homes was $295,000. At the end of August 2023 the median selling price of homes came in at $330,500. This is a 12% increase in the median price since the beginning of the year. In contrast the median sales price in August 2022 year to date was $320,000, a 2.5% increase in the past year. Prices have remained relatively steady in the past year, however there are more homes for sale.

Mortgage demand fell to the lowest level since 1996.

According to the Mortgage Bankers Association mortgage applications fell to their lowest level since December 1996. In addition “the refinance index dropped to its lowest level since January 2023, driven by a 6% decline in conventional refinances,” said Joel Kan, MBA vice president and deputy chief economist.

Mortgage rates reach near 21 year high.

The costs of a 30 year fixed rate mortgage rose to 7.09% on August 17, 2023, it’s highest level in 21 years according to the Primary Mortgage Market Survey (PMMS) results release by Freddie Mac. Last year at this time, a 30 year fixed rate mortgage averaged 5.13%, and the 15 year rate averaged 4.55%.

 

Mortgage rates since Sept 10, 1999 Source: Freddie Mac

May 12, 2000 mortgage rates were 8.32% for conventional and 8.31% for fixed 15 year loans.