Real Estate News
Colorado Springs Home Sales Surge 34 Percent in January
The pace of home sales soared in Colorado Springs in January as hundreds of buyers sought to lock in a low mortgage rate before the Fed raises rates as expected later this year. According to a report from the Pikes Peak Association of Realtors (PPAR), a total of 849 single-family homes were sold in January, an increase of 34 percent over last January's total of 636. That marked the biggest year-over-year jump in sales in the city since a 40 percent spike in January 2013. The January surge is especially promising since it followed a record year for Colorado Springs home sales in which 13,250 home sales took place. Insiders suggest that the primary boost to home sales has been historically low mortgage rates, just as has been the case for most of the last few years. January's surge, some suggest, is spurred by continuing speculation that the Fed will continue to increase rates as the year goes on and the economy continues to stabilize.