Colorado Springs-area home sales and prices climbed to record highs in June for the second straight month - showing more signs of a healthy local housing market that some real estate experts predict will remain strong for the next several months.
The median price - or midpoint - of homes that were sold in June climbed to $250,000, a 5.5 percent year-over-year increase and topping last month's record of $243,000.
The healthiest segment of the local market continues to be homes that are priced at $350,000 and below. Yet sales are picking up in the higher price ranges as well. In June, 90 percent of all homes that sold were priced at $430,000 and below - up from $380,000 a year ago, he said.
Besides low mortgage rates and a better economy, builders cited a tight resale market as another reason they're constructing more homes. Buyers can't find the house they want in the resale market, so they're turning to new homes.
Even as home sales have soared, apartments remain popular. Whether it's millennials who don't want to be tied to a mortgage, seniors who have downsized their lifestyle or renters who prefer maintenance-free living, many people remain attracted to apartment living.
As a result, apartments have filled up, rents have increased, hundreds of units are under construction and investors have paid top dollar to purchase apartment complexes.
Colorado Springs ranks 15th among 300 cities nationwide as an attractive place for first-time buyers to purchase a home. WalletHub looked at 18 factors that help drive a market's appeal for first-time buyers, such as housing costs, median household incomes and property taxes. The survey also examined quality-of-life factors, including crime rates, weather, recreational opportunities and the availability of jobs.