News Summary
Pueblo, Colorado’s real estate market has seen a notable decline in activity, with a decrease in home sales and average prices compared to the previous year. In June, 189 homes were sold, down over 4% from the same month in the previous year, leading to a total sales volume of approximately $61.7 million. Median home prices dipped slightly to $320,000. Despite the cooling market, ongoing construction and cultural investments continue to foster community growth and resilience.
Pueblo Residential Real Estate Market Experiences Decline in June 2024
Pueblo, Colorado—The local housing market in Pueblo showed a slowdown in June 2024, with declines in both home sales and prices compared to the same period last year. The latest data indicates a cooling trend after a busy period in the housing sector.
Decreased Home Sales and Sales Volume
In June 2024, 189 homes were sold, representing a decline of more than 4% from June 2023. The total sales volume for the month reached approximately $61.7 million, also down by over 4% from the previous year’s figures. This suggests a tempered market with fewer transactions and less overall dollar volume compared to June 2023.
Inventory and Pending Sales
By the end of June 2024, there were 974 homes listed for sale in Pueblo. The majority of these homes, totaling 287 properties, fell within the price range of $300,000-$400,000. Out of the 1,376 homes available across Pueblo County, 402 homes were already under contract and pending sale, highlighting ongoing buyer interest despite the slowdown.
Market Duration and Pricing Trends
Homes in Pueblo spent an average of 95 days on the market in June, slightly less than the 102 days observed in May. The median home price was $320,000, which is a modest decline from May’s median of $323,875, indicating a slight easing in home prices across the region.
Financing Patterns
Conventional loans remained the most common financing method among buyers, with 61 purchasers using this option. Federal Housing Authority (FHA) loans were used by 58 buyers, and Veterans Administration (VA) loans by 28 buyers in June. These figures reflect the ongoing reliance on government-backed financing options in the local real estate market.
New Construction Activity
The Pueblo Regional Building Department issued 24 construction permits in June, bringing the year-to-date total to 138 new home permits. These permits indicate ongoing development and construction activity despite the recent market slowdown.
Local Community and Cultural Initiatives
Grants Supporting Arts and Heritage Projects
On July 16, the Colorado Creative Industries division granted three $3,000 awards to Pueblo-based projects focused on folk and traditional arts. One grant supported an adobe earth-building project for the Adobe Gateway at Desert ArtLAB. Another funded a folklorico dance workshop titled “Danza, Identidad y Comunidad,” aimed at preserving Mexican cultural heritage. Additionally, Grupo Folklorico Del Pueblo received a grant for public programming exploring African dance influences in Mexican Folklorico.
Recognition and Competitions
The Colorado Chamber of Commerce is accepting nominations until July 25 for its fourth annual “Coolest Thing Made in Colorado” competition. The event aims to highlight innovative manufacturing enterprises contributing to Colorado’s economy. A panel will select the top 10 finalists in August from the nominations received.
Upcoming Cultural Events in Pueblo
Pueblo’s Broadway Theater League announced three nationally touring Broadway shows scheduled for their 65th season. The lineup includes “The Addams Family” on October 7, “Kinky Boots” on January 8, and “Mrs. Doubtfire” on April 27. Tickets for the season are priced between $195.50 and $272.50 and can be purchased at etix.com.
This recent data indicates a shifting landscape in Pueblo’s real estate market, with lower sales figures and prices, alongside sustained community engagement through arts and cultural initiatives. Real estate professionals and local stakeholders are closely monitoring these trends as the market continues to adjust.
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Additional Resources
- Chieftain: Pueblo’s June Residential Real Estate Sales Lag Behind 2024
- KOAA: Thousands of Homes Will Be Built Next to CSU Pueblo
- KKTV: Old Pueblo Building Gets New Life
- Livability: Pikes Peak Park Helps Address Affordable Housing in Pueblo, CO
- Finance Buzz: Realtors’ Colorado House Price Prediction
- Wikipedia: Pueblo, Colorado
- Google Search: Pueblo real estate market
- Google Scholar: Pueblo housing market
- Encyclopedia Britannica: Pueblo
- Google News: Pueblo real estate
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