By Jennifer McRae

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.

(credit: CBS)

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.

(credit: Getty Images)

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.

Jennifer McRae