Median home prices see slight drop in Colorado Springs

COLORADO SPRINGS, Colo. (KRDO) -- Between August and September of this year the median home price dropped from $450,000 to $440,000, according new data from the Pikes Peak Association of Realtors.

This dip follows some of the highest home prices and lowest inventory in Colorado Springs' history. Since January, the median home price in the Springs has increased $55,000.

Although PPAR's Board Chair, George Nehme said it's still very much a seller's market, housing inventory has increased by nearly 200 homes between August and last month. Nehme said this could be good news for buyers but says Colorado Springs inventory is still dwarfed by the demand.

A healthy market usually carries five to six months' worth of housing inventory but right now, the Springs has about two weeks to offer buyers, said Nehme.

Although still sky-high, Nehme said prices may be plateauing.

"We’ve peaked a little bit on the price point," Nehme said. "But again, good homes are still selling very fast, you’ve got to price them right and they’ll sell. Even if a hot market you’ve got to price them right.”