February home sales were slightly down by 16 total units compared to February 2017. This is the first time we have seen a dip in YTD comps in quite some time. The dip in home sales was definitely attributed to the fact that inventory levels were down by 3%. The total listings under contract were at 1,984 compared to 2,254 in 2017 and 2,321 in 2016. This downward trend in homes under contract is also contributed to low inventory levels which are causing a rise in sales price. The average Single Family Home sales price in February 2018 was $331,104 compared to $301,385 which is nearly a 10% increase. The Median Sales Price for Single Family Homes in February was $292,470 compared to $255,000 in 2017. This is an increase of 15%. The housing supply just can't keep up with the demand as evident with the YTD sales of 1,884 this year compared to 1,708 in 2017. One can easily see Home Builders trying to keep up just by driving around town. New communities are popping up throughout our city as home builders try to keep up with Colorado Springs' appetite for more homes.