Pueblo’s Real Estate Market Shows Decline in Sales and Prices

Scenic view of Pueblo's residential area

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 Real Estate Market Shows Decline in June 2024 Sales and Prices

The residential real estate market in Pueblo experienced a slowdown in June 2024, with decreases in both home sales and prices compared to the same period last year. The local housing market reflects broader trends of moderation after a period of growth, offering potential opportunities for buyers and insights for industry observers.

Decrease in Home Sales and Market Inventory

In June 2024, *189 homes* were sold in Pueblo, marking a decline of over 4% from June 2023. Total home sales volume also decreased, amounting to approximately $61.7 million, slightly less than the comparable figure from the previous year. This indicates a slowdown in market activity and a potential stabilization after years of rapid growth.

At the end of June, the local housing inventory comprised 974 homes, down from previous months but still providing options for buyers. The median home price was recorded at $320,000, slightly below May’s median of $323,875, suggesting a modest cooling in price growth.

Market Dynamics and Price Range Analysis

The majority of homes available for sale — 287 properties — were listed within the $300,000 to $400,000 price range, reflecting continued demand in this segment. Of the total 1,376 homes listed across Pueblo County, 402 were pending sale by the end of June, indicating active market interest despite the overall decline in sales.

Market Duration and Financing Trends

The average duration homes spent on the market decreased from 102 days in May to 95 days in June, illustrating a slight increase in market activity and faster sales turnover. Regarding financing options, conventional loans remained the most common, used by 61 buyers. Federal Housing Authority loans accounted for 58 transactions, while Veterans Administration loans were utilized by 28 purchasers, highlighting the diverse financing preferences among buyers.

New Construction and Development

The Pueblo Regional Building Department issued 24 construction permits in June. This brings the year-to-date total to 138 permits for new home construction, indicating ongoing development activity within the region and expectations for future housing supply growth.

Community Initiatives and Cultural Programs

Funding for Folk and Traditional Arts Projects

On July 16, the Colorado Creative Industries division awarded three grants of $3,000 each to Pueblo-based projects aimed at celebrating folk and traditional arts. One grant supported an adobe earth-building project at the Adobe Gateway at Desert ArtLAB, promoting preservation of traditional building techniques.

Another grant funded a folklorico dance workshop titled “Danza, Identidad y Comunidad,” which aims to preserve and promote Mexican cultural heritage through dance. Additionally, Grupo Folklorico Del Pueblo received funding for public programs focusing on African dance influences within Mexican Folklorico traditions.

Award Nominations and Local Events

The Colorado Chamber of Commerce is accepting nominations for the fourth annual “Coolest Thing Made in Colorado” competition, with a deadline set for July 25. This event recognizes innovative manufacturing endeavors contributing to the state’s economy. Nominations can be submitted via the competition website, with top finalists to be announced in August.

Broadway Shows Coming to Pueblo

Pueblo’s Broadway Theater League announced three upcoming nationally touring productions for its 65th season. The shows include “The Addams Family” on October 7, “Kinky Boots” on January 8, and “Mrs. Doubtfire” on April 27. Season tickets are available with prices ranging from $195.50 to $272.50 through online ticketing platforms, providing residents and visitors with diverse entertainment options for the upcoming months.

Summary

Overall, Pueblo’s real estate market in June 2024 showed signs of slowing, with decreased sales, slightly lower median prices, and a reduced average time on the market. Despite these trends, ongoing construction and community initiatives continue to shape the region’s economic and cultural landscape, reflecting an evolving but resilient Pueblo economy.

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STAFF HERE MILWAUKEE WRITER
Author: STAFF HERE MILWAUKEE WRITER

MILWAUKEE STAFF WRITER The MILWAUKEE STAFF WRITER represents the experienced team at HEREMilwaukee.com, your go-to source for actionable local news and information in Milwaukee, Milwaukee County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Summerfest, Milwaukee Film Festival, and the Milwaukee Boat Show. Our coverage extends to key organizations like the Metropolitan Milwaukee Association of Commerce and Visit Milwaukee, plus leading businesses in manufacturing and brewing that power the local economy such as Harley-Davidson and MillerCoors. As part of the broader HERE network, we provide comprehensive, credible insights into Wisconsin's dynamic landscape.

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