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Average Colorado Springs home price hits record high BY RICH LADEN RICH.LADEN@GAZETTE.COM
13.3% local increase in January The booming resale side of Colorado Springs’ housing market is off to another record-setting start in 2017. The average price for a single-family home that sold in January climbed to a record high of $298,774, a 13.3 percent increase over the same month last year, the latest Pikes Peak Association of Realtors report shows. The previous record of $295,877 was set in August of last year. Real estate agents and economists typically downplay the significance of average prices, since they can be
skewed by a few very high or very low sales. Nevertheless, the increase in average prices is part of a trend of steady appreciation in home values. The median price for January home sales increased 11.8 percent on a yearover-year basis and tied the previous record high of $265,000 that also was set in August, the Realtors Association report showed. The median is the midpoint of sale prices; in January, half of the homes that sold were priced below $265,000 and half were above. “In terms of prices, it’s a rocket
start,” said real estate agent Rick Van Wieren of Re/Max Properties in Colorado Springs. Expect prices to continue to rise in 2017, Van Wieren said. The strong economy and employment picture mean many people are working and looking to buy, he said. At the same time, mortgage rates that have ticked upward of late remain low by historical standards — averaging 4.19 percent nationally last week for a 30-year, fixed-rate loan, according to mortgage buyer Freddie Mac. And the inventory of homes listed for sale plunged to 1,331 in January — down nearly 31 percent from the same
month a year earlier and an apparent record low, based on 20-plus years of Realtors Association data. “We just don’t have enough sellers out there,” Van Wieren said. As a result of the strong demand and tight supply, Van Wieren said the average price should soon hit $300,000, while the median price could climb to the neighborhood of $280,000. “We tend to only get better as the year goes on when it comes to prices,” he said. Meanwhile, home sales also got off to a quick start in January and could be on track to break last year’s record total of 15,318.
Sales totaled 908 in January, a 7 percent increase over the same month a year earlier, the Realtors Association report shows. Year-over-year home sales now have increased for 30 straight months; last month’s total, meanwhile, was the most for any January in more than 25 years of reports by the Realtors Association. The Realtors Association report compiles home sales whose transactions were handled by its members; it doesn’t include homes sold by individual owners. Roughly nine out of every 10 home sales took place in El Paso County, while others took place in a handful of Front Range counties. ■
Nest Home Lending opens in Colorado NEWSWIRE
Nest Home Lending, LLC has launched operations in Colorado. Operations in Utah are forthcoming. The new mortgage company is a joint venture partnership between Cornerstone Home Lending, Inc., one of the largest independent home lenders in the United States, and Oakwood Homes, one of the largest privatelyowned homebuilders in Colorado. “Cornerstone and Oakwood Homes
have worked together for several years,” says Gene Humphries, Regional President for Cornerstone Home Lending, Inc. “Our companies’ shared goals, mission, and values aligned to create the perfect relationship and lending process for homebuyers across Colorado.” With a hot real estate market on the rise, Oakwood continues to look for ways to streamline operations while offering
Located at Hwy. 83 & Flying Horse Club Drive.
an excellent customer experience. “With Nest Home Lending, we can offer Oakwood buyers an even better onestop shopping experience from contract to close. We understand that the lending process can be scary and uncertain. With our New Home Counselors and Lending Officers working side-byside, they know our buyers, their concerns and the stage of their home’s construction every step of the way. It’s
truly a seamless experience,” says Scott Thorson, COO for Oakwood Homes. A full-service mortgage banker, Nest Home Lending, processes, underwrites, closes, and funds loans in-house. The company also works with a wide network of national mortgage investors to offer competitive pricing for a variety of mortgage options. “With access to a full range of home loan solutions, seamless
communication, and enhanced support at each step of the process, Nest Home Lending can truly help more people secure the right loan for their dream home,” says Humphries. Nest Home Lending currently has locations in Colorado Springs, Centennial, Longmont, and Greeley in Colorado. Operations in Centerville, Utah are forthcoming. For more information, please visit NestHomeLending.com. ■
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