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’s Residential Real Estate Market Experiences Decline in June 2024
Pueblo, Colorado—The local residential real estate market in Pueblo recorded a decrease in sales activity and home prices during June 2024 compared to the same period last year. The market’s slowdown marks a shift from previous months, reflecting broader trends influencing housing across the region.
Market Overview and Key Data
By the end of June 2024, there were 974 homes actively listed for sale in Pueblo. The majority of these listings, totaling 287 homes, were priced within the $300,000 to $400,000 range. Pueblo County’s overall inventory included 1,376 homes, with 402 properties pending sale by month’s end.
In June, a total of 189 homes sold throughout Pueblo, generating a sales volume of approximately $61.7 million. This sales activity signifies a decline of over 4% when compared to June 2023 in both number of homes sold and total sales revenue.
Market Dynamics and Pricing Trends
The average duration homes spent on the market decreased slightly from 102 days in May to 95 days in June. The median home price also saw a modest decline, from $323,875 in May to $320,000 in June. These figures suggest a tightening of the market with homes selling quicker and at slightly lower prices.
Financing Trends
Regarding financing options, conventional loans were predominant among buyers, with 61 individuals utilizing this financing type in June. Federal Housing Authority (FHA) loans were used by 58 buyers, while 28 buyers secured Veterans Administration (VA) loans. These figures highlight the ongoing reliance on conventional and government-backed loans in Pueblo’s housing transactions.
Construction Activity
The Pueblo Regional Building Department issued 24 new construction permits during June, contributing to a year-to-date total of 138 permits. This level of activity indicates continued interest in residential development, despite trends in sales activity.
Community and Cultural Initiatives
Pueblo Projects Supported by Grants
On July 16, Pueblo saw the awarding of three $3,000 grants from the Colorado Creative Industries division to local projects focused on folk and traditional arts. One initiative supports an adobe earth-building project at Desert ArtLAB’s Adobe Gateway. Another funds a folklorico dance workshop titled “Danza, Identidad y Comunidad,” aimed at preserving Mexican heritage. A third project grants support to Grupo Folklorico Del Pueblo for public programming centered on African dance influences in Mexican Folklorico traditions.
Regional Business and Cultural Events
Recognition for Manufacturing
The Colorado Chamber of Commerce is accepting nominations until July 25 for its fourth annual “Coolest Thing Made in Colorado” competition. The contest aims to highlight innovative manufacturing products that contribute to Colorado’s economy. A panel will select the top ten finalists in August, with winners to be announced later in the year.
Performing Arts Schedule
Pueblo’s Broadway Theater League announced its upcoming 65th season featuring three nationally touring performances. The shows include “The Addams Family” on October 7, “Kinky Boots” on January 8, and “Mrs. Doubtfire” on April 27. Season tickets range from $195.50 to $272.50 and are available for purchase online at etix.com.
Summary
The Pueblo real estate market in June 2024 experienced a slight slowdown in sales and pricing, with fewer homes sold and a decrease in median home prices. The steady pace of new construction permits suggests ongoing development interest. Meanwhile, community initiatives and cultural events continue to play a vital role in Pueblo’s vibrant community landscape, reflecting ongoing growth and resilience.
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HERE Resources
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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