The summer season is in full swing with June showing the largest number of homes for sale this year in Pueblo County coming in at 404. This is up 12% from the May when the number of homes for sale was at 356. For contrast in January there were 281 homes for sale. The median selling price in January was $295,000 and with June’s median selling price of $326,000 this represents a 10% increase in prices since the first of the year.
In May of 2022 we hit the peak in median selling price at $340,000. This is roughly when interest rates were beginning to rise. For the remainder of 2022 we saw a slide in selling prices as mortgage rates rose from their low of 3.83% at the beginning of May 2022 to the rate at 5.68% at the end of 2022. We are still 5% lower in the median selling price from the peak in May 2022.
We expect the Federal Reserve to raise interest rates another 1/4% to 1/2% at their meeting on July 26th.