(SPONSORED) — Median home prices are down from earlier in 2022. How does that compare to housing costs before the pandemic? UCCS Economic Forum Director, Tatiana Bailey explains the statistics.

Bailey explains that the increases in interest rates have contributed to a decline in home sales, with a 5.8% decline in the median price of existing homes since May of 2022, by comparison, the Great Recession had a drop in home prices of 15%.

A 5.8% decline does not change that average, median home prices are 41% higher than in 2019. Locally in Colorado, home prices are 42% higher according to Bailey.

According to Bailey, home prices in the Pikes Peak region have fallen by 7.1% but are still higher than before the pandemic.

Bailey does not think the housing market will have further dramatic decreases as the United States is still short 6.5 million housing units.