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Executive Summary - Colorado Springs Real Estate

Executive Summary by Benjamin Day of Selley Group Real Estate, LLC:
No one is over-paying for houses, but more and more are paying for houses, and it feels like there are fewer and fewer to choose from (only 3.9 months of inventory). Inventory remains at a 10 year low, average sales price is higher than the previous four May's ($233,000), 923 units closed last month.
Interest Rates remain insane at 3.75%. Insane is used in the Ben Bernanke sense, as in, you can't imagine Ben Bernanke describing anything in economics as insane, so if he did, it would strike you as odd or something, and you'd pay attention to it. See? It works. Rates are an insane 3.75%.
Closed a VA this week at 3.5%. If you want to refinance into a 15 year, you can get them for 2.9% and below.
What's Selling? $200,000 to $300,000 saw a 20% gain in units year over year. That's big.
Under $200,000 was actually down in units, but considering that there is a puny 2.8 month supply of housing under $200,000 and a lot of these need work, that's why. Anything decent and priced nearly right: gone.
New construction. Permits in May ... more

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