Pueblo Faces Decline in Home Sales and Prices

Residential areas in Pueblo, highlighting the real estate market's dynamics.

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 Faces Decline in Home Sales and Prices in June 2024

The real estate market in Pueblo experienced a slowdown in June 2024, with a decline in home sales and overall market activity compared to the same period last year. These changes reflect ongoing adjustments within the local housing sector amid broader economic trends.

Decreased Home Sales and Sales Volume

In June, Pueblo recorded a total of 189 home sales, a decrease from last year’s figures. The total sales volume for the month was approximately $61.7 million. Both metrics represent declines of over 4% when compared to June 2023, indicating a cooling market. Despite fewer sales, the average sale price remained relatively stable, with a median home price of $320,000, slightly lower than the previous month’s median of $323,875.

Inventory and Pending Sales

At the end of June, there were 974 homes available on the market within Pueblo. The majority of these listings, totaling 287 homes, fell within the $300,000-$400,000 price range. Additionally, out of 1,376 listed homes in Pueblo County, 402 were pending sale by month’s end, illustrating a moderate level of active negotiations but a slower pace compared to previous months.

Market Duration and Financing Trends

Homes spent an average of 95 days on the market, reflecting a slight decrease from 102 days in May. This suggests that properties are selling somewhat faster, despite overall fewer transactions. Regarding financing, conventional loans remained the most common choice among buyers, utilized by 61 purchasers. Federal Housing Authority (FHA) loans accounted for 58 transactions, while 28 buyers used Veterans Administration (VA) loans in June.

Construction and Development Activity

The Pueblo Regional Building Department issued 24 construction permits during June, contributing to a year-to-date total of 138 new home building permits. This indicates ongoing development activity, even as the local market experiences a slowdown in sales.

Community and Cultural Initiatives

Support for Arts and Cultural Projects

On July 16, the Colorado Creative Industries division awarded three grants of $3,000 each to projects in Pueblo that focus 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 aimed at preserving Mexican heritage, known as “Danza, Identidad y Comunidad.” The third grant was awarded to Grupo Folklorico Del Pueblo for programming related to African dance influences in Mexican Folklorico traditions.

Business Recognition and Community Events

The Colorado Chamber of Commerce is inviting nominations for its fourth annual “Coolest Thing Made in Colorado” competition. Nominations are accepted until July 25. The contest seeks to highlight innovative manufacturing companies contributing to Colorado’s economy. A panel of judges will select the top 10 finalists in August.

Performing Arts and Entertainment

Pueblo’s Broadway Theater League announced a lineup of three major touring productions for their 65th season. The upcoming shows include “The Addams Family” on October 7, “Kinky Boots” on January 8, and “Mrs. Doubtfire” scheduled for April 27. Tickets for these performances range from $195.50 to $272.50 and can be purchased through the designated ticketing platform.

Overall, Pueblo’s June 2024 real estate market reflects a period of adjustment with fewer home sales, stable prices, and ongoing development projects, complemented by a vibrant arts and community scene showcasing local culture and creativity.