Pueblo Experiences Decline in Residential Real Estate Sales and Prices

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 Experiences Decline in Residential Real Estate Sales and Prices in June 2024

The city of Pueblo saw a decline in its residential real estate market during June 2024, with fewer home sales and a slight decrease in home prices compared to the same period last year. Market activity indicates a shifting housing landscape, with potential implications for buyers, sellers, and local builders.

Decrease in Home Sales and Market Inventory

In June 2024, a total of 189 homes were sold in Pueblo, representing a drop of just over 4% from June 2023. The total sales volume generated was approximately $61.7 million. During this same period, the number of homes available in the market was 974, a slight decline compared to previous months, reflecting a tightening market inventory.

At the end of June, Pueblo County had 1,376 homes for sale. Of these, 402 homes were pending sale, indicating strong buyer interest despite the overall decline in closed sales.

Market Pricing and Days on Market

The median home price in Pueblo in June was $320,000. This marks a modest decrease from May’s median of $323,875. The shrinking home prices align with the overall drop in sales activity, signaling a carefully adjusting market landscape.

Additionally, the average time homes spent on the market decreased, with properties selling faster than in previous months. The average days on market was 95 days in June, down from 102 days in May, suggesting increased market efficiency or shifting buyer behaviors.

Mortgage Financing Trends

Most homebuyers in Pueblo utilized conventional financing options, with 61 buyers securing conventional loans. Federal Housing Authority loans were used by 58 buyers, while 28 buyers obtained Veterans Administration loans. These figures indicate a diverse range of financing options driving home purchases in the region.

Construction and Development Activity

The Pueblo Regional Building Department issued 24 construction permits in June. Year-to-date, the city has issued a total of 138 new home building permits, reflecting ongoing housing development and investment within the community.

Community and Cultural Initiatives

Support for Folk and Traditional Arts

On July 16, Pueblo was awarded three grants of $3,000 each from the Colorado Creative Industries division to support local projects centered on folk and traditional arts. Among the recipients:

• An adobe earth-building project for the Adobe Gateway at Desert ArtLAB.
• A folklorico dance workshop titled “Danza, Identidad y Comunidad,” designed to preserve Mexican heritage.
• Grupo Folklorico Del Pueblo received funding for public programming focused on African dance influences in Mexican folklorico styles.

Recognition and Economic Competition

The Colorado Chamber of Commerce is currently accepting nominations for its fourth annual “Coolest Thing Made in Colorado” competition. The deadline for submissions is July 25, with the goal of highlighting the state’s innovative manufacturing industry and its economic contributions. Nominations can be made through the designated website, and an independent panel will select the top 10 finalists in August.

Upcoming Cultural Events and Entertainment

Reflecting its vibrant arts scene, Pueblo’s Broadway Theater League announced three nationally touring Broadway shows as part of its 65th season lineup:

• “The Addams Family” scheduled for October 7
• “Kinky Boots” scheduled for January 8
• “Mrs. Doubtfire” scheduled for April 27

Season tickets for these performances range from $195.50 to $272.50 and are available for purchase at etix.com. These events are expected to draw audiences from surrounding areas, further enriching Pueblo’s cultural offerings.

Summary

Overall, Pueblo’s housing market in June 2024 experienced a slowdown in sales and a slight dip in home prices, alongside faster sales cycles. Market activity remains active, supported by ongoing construction permits and diverse financing options. Additionally, community-funded projects and cultural programming continue to enhance the city’s development and cultural identity.

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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