Colorado Springs area facing historic low home inventory

COLORADO SPRINGS, Colo. (KKTV) - It's a tough time to be looking for a house in Colorado Springs. New numbers from the Pikes Peak Association of Realtors (PPAR) show there are fewer single-family homes on the market than this same time last year.

PPAR CEO Amy Reid says we're facing historic lows of inventory across Colorado. According to a housing statistics posted on PPAR's website, the number of single-family homes for sale in February stood at 1,228. Back in July it was 2,360. In February of 2017, there were 1,344 available.

In the meantime, prices are going up. The median cost of a home in February rose about 13 percent from February 2017 to $292,470. Reid says part of the reason for the low supply and higher prices is a lack of new construction and that no one is moving because they're worried they can't find another home to buy.

It isn't just the Colorado Springs area facing a tight market. The average sales price of a single-family home in the 11-county Denver metro area recently hit the $500,000 mark.