DOUGLAS COUNTY, Colo. (CBS4)– Home prices in Douglas County increased more than 25% compared to a year ago. That more than $140,000 in October of this year compared to October 2020.
According to the Inspection Support Network report on U.S. home prices, one of the reasons has been low inventory of homes for sale. That combined with supply chain challenges and a tight labor market, have made it difficult for builders to complete new homes.
It happened over more than a year and a half, when that unusual combination of factors left would-be homebuyers navigating an unusual housing market landscape. By August 2020, six months into the pandemic, the rate of growth had accelerated to nearly 6% and a year later, in August 2021, home prices were nearly 20% more expensive than the year before.
The median home price in Douglas County in October 2020 was $556,588 and one year later it was $696,977, according to the report.
According to the report, rising home prices have been a nationwide phenomenon but some areas, including Idaho, Arizona and Utah, have seen prices rise rapidly where they were experiencing significant population growth.