October 7, 2026

 

HARRY’S BI-WEEKLY UPDATE

         A Current Look at the Colorado Springs Residential real estate Market

As part of my “Special Brand of Customer Service”, it is my desire to share current Residential real estate issues that will help to make you a more successful and profitable Buyer and Seller.

 

 

LET’S TALK ABOUT MORTGAGE INTEREST RATES…

It’s unavoidable, even if you’re not in the market.  Mortgage interest rate stories are everywhere these days but if you only look at the market rate, you’re not looking at the whole picture.

Yes, rates are now over 7.5%.  And one thing is almost certain—high mortgage rates are becoming the new normal.  Before 2022, mortgage rates hadn’t hit 7% since 2001.  Over those two decades most Americans became accustomed to rates in the threes and fours and during the pandemic many buyers even had rates below 3%.  (Some of us, though, can still remember rates as high as 12% so 7% rates seemed like the impossible dream back then!)

When rates started spiking in 2022 the housing market slowed significantly with many folks expecting rates to fall back to those levels.

But over the past four years rates have remained high, and economists say they are unlikely to fall anytime soon, with inflation and economic uncertainty still elevated. 

Many buyers are accepting higher rates despite the economic coast simply because they can’t wait any longer to make their move—literally!

So, let’s discuss options. 

If you have been waiting to sell and trade up, move to a new neighborhood or to buy for the first time, NOW is a good time to begin your search.

It’s most definitely a buyer’s market so it’s likely you can expect some concessions from sellers.  If you are wanting to sell your present home to trade up, and you price your home right you could be like the 1100 folks who closed on homes last month here in El Paso County.

With more listings coming on the market this late in the year it’s telling us that folks are ready.  And that’s great news for buyers because, as you may recall, it was only four or five years ago that folks were trying to outbid others for homes they never even saw in person and with no inspections due to the shortage of available homes for sale.

42% of the homes for sale nationally are now carrying a lower price than when they were listed.  It’s important to remember that lowering the price does not mean there is something wrong with the home.  Sometimes it was listed too high to begin with, but it also means that pricing is now catching up to where the current market already is.

In today’s market you might not be getting exactly the price you want on the selling side, but you can likely make up for it on the buying side so it can be a wash, or possibly better. But what you will get is a new home and can begin earning equity on that home.

New home listings hit a 4-month high the end of August to their highest level since April so that tells us that folks are beginning to realize that waiting for the “right” time might not be the best idea.  However, on the flip side, home sales in August fell to their lowest level in more than a year.

Home prices are not going down very much, and home values are likely to keep appreciating, so waiting is going to cost more in the long run.  While home prices in Colorado Springs have not appreciated as much as some areas in recent days, you might recall that those prices rose faster than most of the country for a long time, so we are seeing a “normalization” of sorts at present and prices are holding steady.

However, it’s worth remembering that home appreciation over time is still the best way to accumulate generational wealth—better than stocks and bonds.

But back to mortgage rates.  One important thing to remember is that just because the rate may be over 7%, that is not necessarily what you might have to pay.  There are options when it comes to mortgages in today’s market.

These include buydowns of mortgage rates, incentives from sellers or financial institutions and adjustable-rate and interest-only mortgages as well.

Adjustable-rate mortgages (ARMs) offer a lower fixed rate for a period of time—usually between three and 10 years—before readjusting to whatever rates are at the time that period ends. 

And today, even with a fixed rate, many financial institutions are including the option to refinance if and when rates drop.

There are a lot of variables when it comes to mortgage rates and that’s one of the many reasons you’re in good hands with me. 

My background in Investment Banking, coupled with my knowledge of financial options and expertise in negotiation, gives my clients a heads up over the competition.

But you won’t know how it can work in your favor until you give me a call.

Residential real estate is what I do and have done for more than 53 years. 

I do it because I believe in it and it has given me great pleasure to help my clients enrich their lives--both monetarily and emotionally.

If you’ve been waiting but are ready to explore the possibilities of a move--together we can construct a plan that fits your family’s individual wants, needs and budget requirements.

Every month spent on the sidelines is a month someone else is building equity, locking in a price, and getting ahead of what most experts expect to be a housing surge once broader economic conditions settle.  Why not be ahead of the surge because at that time the options won’t likely be as good as they are today.

And the earlier you begin the process the sooner you will be seeing a return on your investment.

 

Call me today at 719.593.1000 or email me at Harry@HarrySalzman.com and let’s see how you can achieve your Residential real estate dreams.

 

Now for statistics…

 

SEPTEMBER 2026

Statistics provided by the REALTORS Service Corp., or it’s “elevate” MLS

Here are some highlights from the September 2026 “elevate MLS” report.   

 

In El Paso County, the average days on the market for single family/patio homes was 49.  For condo/townhomes it was 56. 

 

Also in El Paso County, the sales price/list price for single family/patio homes was 99.1% and for condo/townhomes it was 98.7%. 

 

In Teller County, the average days on the market for single family/patio homes was 60 and the sales/list price was 98.3%.

 

Please click here to view the detailed 10-page report, including charts.  If you have any questions about the report or to find out how it relates to your individual situation, just give me a call.

 

In comparing September 2026 to September 2025 for All Homes in PPAR:

                       

                        Single Family/Patio Homes:

  • New Listings were 1,302, Down 2.0%
  • Number of Sales were 926, Down 9.7%
  • Average Sales Price was $545,660, Down 3.5%
  • Median Sales Price was $479,000, Down 0.1%
  • Total Active Listings are 4,253, Up 6.1%
  • Months’ Supply is 4.6

 

 

Condo/Townhomes:

  • New Listings were 187, Up 10.0%
  • Number of Sales were 119, Down 16.8%
  • Average Sales Price was $329,150, Down 10.1%
  • Median Sales Price was $297,000, Down 8.9%
  • Total Active Listings are 716, Up 10.5%
  • Months’ Supply is 6.0

 

Now a look at more statistics…

 

SEPTEMBER 2026 MONTHLY INDICATORS AND LOCAL MARKET UPDATE ILLUSTRATE OUR LOCAL TRENDS IN DETAIL

Colorado Association of REALTORS® , Pikes Peak REALTORS Service Corp, or it’s “elevate”MLS

Providing greater detail than the above report, this contains information on both El Paso and Teller counties for Residential real estate. 

The “Activity Snapshot” for all residential properties in El Paso and Teller counties shows the Year to Date one-year change:

 

  • Sold Listings for All Properties were Down 13.1%
  • Median Sales Price for All Properties was Down 1.4%
  • Active Listings on All Properties were Up 2.1%

 

You can click here to read the 16-page Monthly Indicators or click here to get specific information on the geographical are of your choice from the 18-page Local Market Update.  It’s a good idea to check out your own area or one that you might be considering to get a good idea of the local pulse.  As an example, here is a detailed report on the Colorado Springs area:

WHY SO MANY SELLERS ARE CUTTING THEIR PRICE RIGHT NOW

KeepingCurrentMatters, 9.24.26

Price cuts are turning up everywhere right now and that’s being read quite differently depending on which side of the deal you’re on.

Sellers tend to worry a cut means walking away with less than they hoped and sometimes that’s true.  But more often than not, it just means that the market moved faster than the listing did.

Buyers, for their part, often assume a cut means there’s something wrong with the house and most often, that’s not it at all.

According to HousingWire Data, the share of sellers cutting their asking price has climbed every month for 7 straight months, and, as I mentioned earlier, 42% of homes for sale nationally are now carrying a price cut.

Today, more than four in ten active listings have had at least one price cut and the typical seller, assuming the home was listed at a reasonable price, is cutting about $17,560 off their original number.

That’s happening because with rates elevated and more homes to choose from, buyers can afford to wait for the right number and sellers who don’t start there end up adjusting anyway.

For sellers, I can’t emphasize enough the importance of pricing it right from day one.  You still may need to cut your price, but you are not “pricing out” potential buyers.  It’s better to “price it right” up front than trying to chase the market later.

For buyers, you’ve got more homes to choose from and more room to ask for a lower price, help with closing costs, repairs after inspection or some combination of all 3.

Price cuts are a normal part of today’s housing market, and both buyers and sellers can use them to their advantage. 

Whether you’re buying or selling, or both, give me a call today and let’s discuss how this can work to your advantage.

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, September 2026

As always, I like to share the useful data I receive from our “local economist”, Tatiana Bailey.  You will see in these charts what’s happening locally in terms of the economy as well as the most recent Workforce Progress Report.

This information is especially invaluable to business owners; however, I know you will find it worthwhile reading.

Below is a reproduction of page 6 of the graphics which details real estate. To access the full report, please click here.  And if you have any questions, give me a call.

 

UCCS ECONOMIC FORUM MONTHLY DASHBOARD  

Updated September 2026, UCCS College of Business/Economic Forum

Here is the monthly report from the UCCS College of Business Economic Forum.  It is created by professor Dr. Bill Craighead, who is the Forum Director.  He also publishes an on-line “Weekly Economic Snapshot” you might enjoy.

I know several of you who like statistics and use this information in your daily business life, and I will share it with you when I receive it each month. 

I’ve reproduced the first page of the charts below.  To access the report in its entirety, please click here.