May 5, 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.

 

 

WITH MUCH UNCERTAINTY IN THE WORLD AT THE MOMENT, RESIDENTIAL real estate IS A CONCERN OF MANY

Keeping Current Matters 4.23.26

 

A recent CNBC homebuyers poll asked what they’re most worried about and three themes kept coming up time and time again:

 

  • Mortgage rates
  • The number of homes for sale
  • Home prices

 

Those are concerns I hear about from my clients as well.

However, what you may be reading or hearing is possibly based more on misconceptions rather than facts.  So, let’s break it down and separate fact from fiction.

 

Misconception #1: “I’ll just wait, because mortgage rates are going to fall dramatically.”

Mortgage rates have fallen a bit in the last week, however, forecasts do not show they are going to drop dramatically any time soon.  The most likely scenario is that rates stay somewhere in the low 6% range this year, and that’s not a big change from where they are now. (See below).

 

 

Naturally this depends on where inflation and the economy go from here.  But based on what we know today, waiting for a big drop in rates may not work out the way some folks might have hoped.

And consider this—even with rates where they are today, it’s already more affordable than a year ago—as I mentioned in my last eNewsletter. 

So even if rates don’t change much, it’s still better today than it was.

 

Misconception #2: “There are too many homes for sale right now.”

The number of homes for sale nationally is 8% higher than this time last year and here in Colorado Springs we, too, are seeing more homes for sale.  But that’s actually not a bad thing.  It’s allowing buyers more breathing room to make decisions.  This is something they did not have just several years ago in the time of bidding wars, all cash purchases and buying homes sight unseen before someone else bought them.

What the headlines are focusing on is how this is the most inventory we’ve had since 2019 or how many homes are being built by homebuilders.  And that can make it appear that the number of homes for sale is rising too far, too fast. 

But again, that’s not what the big picture shows. 

Data from realtor.com proves that, even though inventory is up compared to last year, it’s still nearly 14% lower nationally than it was during the last normal housing market (2017-2019):

 

 

While things can vary a lot based on where you live—and everything is “local” as I always say—only 9 states have more inventory than pre-pandemic today.  That’s a key reason why there aren’t enough homes for sale to trigger something like the crash back in 2008.

 

Misconception #3: “Home prices are about to crash.”

This is another one you might have seen or heard.  The confusion is coming from the fact that some metro areas are experiencing slight price declines.  Ours have been somewhat flat but are certainly holding their own.  However, influencers are running with the “prices are crashing” scenario but that’s far from reality.

Most areas are seeing prices rise, not fall.  And that’s because:

 

  • Many homeowners aren’t selling because they don’t want to give up the low mortgage rate they locked in a few years ago.  And that’s keeping a lid on how much inventory can grow.

 

  • Since inventory is still below pre-pandemic norms, there aren’t enough homes for sale to cause a price crash.

 

  • And even in markets with more inventory, some sellers are choosing to pull their homes off the market instead of cutting prices.

 

Those are 3 big reasons prices aren’t headed for a crash.

And it’s important to note that even in markets experiencing mild declines, the drops aren’t enough to cancel out the big gains most homeowners have seen in the last 5 years. (see below)

 

 

That’s not a crash.  It’s just prices moderating after a few record-breaking years. 

As I’ve been saying time and again…the fast growth we saw in the early 2020’s was not sustainable, the low interest rates of those days were not “normal” and it’s not likely we will see them again any time soon, if ever.  Unfortunately for some they set a “mental baseline”, as I like to call it, in the minds of those who did not or could not take advantage of them.

 

Bottom Line:

What you hear or read is not necessarily based on real facts.  I understand why it’s easy to be distracted by all the noise, but after 53 years in the local Residential real estate arena, I’ve seen it all and been through more cycles than you might imagine.

The best advice I can give anyone thinking about those low rates of the past is this: 

While you are wishing for the unrealistically low rates to return, home prices are continuing to rise, and you are losing the ability to build personal wealth in the form of home equity-- each and every day you delay.

Last week, long-term mortgage rates dropped to 6.23%, the third weekly drop.

And speaking of mortgage rates, my investment banking background has helped me provide my clients with a clear advantage when it comes to steering them in the direction of the best options for their individual situations.

Today there are many mortgage options available, as well as discounts and concessions from sellers, banks and builders.

So, yes, the current market is not for the timid or inexperienced, but fortunately you’ve got me.

Together we can construct a plan that fits your family’s individual wants, needs and budget requirements.

And the earlier you begin the process the sooner you will be realizing those dreams for you and your family.

If you want REAL FACTS and more especially how they can work to help you and your family find the “right” home for you, it all begins by giving me a call at 719.593.1000 or email me at Harry@HarrySalzman.com .

 

 

And now for statistics…

 

APRIL 2026

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

 

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

(As an aside to avoid confusion, the “Pikes Peak MLS” has been renamed “elevate MLS” and you will note me referring to it as such from here forward.  Same organization, new branding.) 

 

In El Paso County, the average days on the market for single family/patio homes was 51.  For condo/townhomes it was 54. 

 

Also in El Paso County, the sales price/list price for single family/patio homes was 99.1% and for condo/townhomes it was 98.4%. 

 

In Teller County, the average days on the market for single family/patio homes was 78 and the sales/list price was 96.6%.

 

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 April 2026 to April 2025 for All Homes in PPAR:

                       

                        Single Family/Patio Homes:

  • New Listings were 1941, Up 0.9%
  • Number of Sales were 1,124, Up 1.6%
  • Average Sales Price was $558,220, Down 2.1%
  • Median Sales Price was $480,000, Down 2.0%
  • Total Active Listings are 3,422, Up 9.8%
  • Months’ Supply is 3.0

 

 

Condo/Townhomes:

  • New Listings were 318, Up 11.6%
  • Number of Sales were 151, Down 1.3%
  • Average Sales Price was $351,490, Down 0.1%
  • Median Sales Price was $335,000, Down 4.3%
  • Total Active Listings are 704, Up 18.1%
  • Months’ Supply is 4.7

 

Now a look at more statistics…

 

APRIL 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 Up 1.8%

 

  • Median Sales Price for All Properties was Down 2.7%

 

  • Active Listings on All Properties were Up 6.3%

 

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

 

ERA SHIELDS QUARTERLY “ON THE HOME FRONT”

Volume 2, 2026

Below is a copy of my company’s quarterly newsletter.  If you have any questions, please give me a call.

 

 

ECONOMIC & WORKFORCE DEVELOPMENT REPORT

Data-Driven Economic Strategies, April 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 all will all 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 April 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.