Rankings/Colorado Springs, CO

Colorado Springs, CO

NeutralTier 1CBSA 17820Compare

Risk Rank: #94 of 287Month: 2025-12Score change (12m):↑ +19

54score

Composite risk percentile vs 287 metros (higher = higher risk)

Cycle Phase

Colorado Springs experienced a market correction from early 2025 through early 2025. Elevated inventory persists, suggesting the market hasn't fully normalized.

Recovery

Expansion

Hypersupply

Recession

In Hypersupply for 9 months·Previously: Hypersupply

Building activity may be outpacing demand absorption

Recovery

Expansion

Hypersupply

Recession

Colorado Springs's housing market shows average risk, ranking 94th of 287 metros. The market has been in Hypersupply for 9 months. Inventory levels are elevated, warranting monitoring.

Executive Summary

Risk is Neutral, driven primarily by permit growth and permits per capita. The market is in Hypersupply phase. Liquidity is watch and valuation is balanced.

Top Risk Drivers (This Month)

Permit Growth

p93 (highest risk decile)

YoY permit change

Permits per Capita

p81 (elevated risk)

Permits per 1,000 residents

Employment

p72 (moderate)

12-month employment change (risk inverted)

Market Signals

Inventory is elevated (+22% YoY) and days on market are up +10% — supply is building but not yet at stress levels.

Liquidity

Watch—

Active Listings YoY

+21.9%p72

Days on Market YoY

+9.7%p67

Months in status1

Data through Dec 2025

Valuation

Balanced—

Rent vs. Price Growth

-2.0%p34

Months in status39

Data through Dec 2025Rent growth vs price growth (rent support). Note: Affordability and Valuation measure different structural dimensions and can diverge.

Factor Details

Factor Breakdown

Price Momentum24

12-month HPI change — higher = overheating

Permit Growth93

YoY permit change — higher = supply pressure

Permits per Capita81

Permits per 1,000 residents — higher = overbuilding risk

Affordability36

Mortgage payment / income — higher = more burdened

Employment72

12-month employment change (risk inverted)

Migration19

Net AGI migration (risk inverted)

Underlying Values

Metric	Value	Pctile
Price Momentum	+0.7%	p24
Permit Growth	+45.6%	p93
Permits/1K Pop	7.57	p81
Affordability	0.26	p36
Employment	-0.2%	p72
Net AGI Migration	+$195K	p19

National ContextDoes not affect score

Credit Conditions

Credit Regime

Stable—

Oversupply with deteriorating transactions and no credit excuse. Supply-driven correction risk is elevated.

Bank Lending Standards

-5.7Normal

Rate Change (YoY)

-74 bpsNormal

Mortgage Risk Premium

+189 bpsElevated

Stable for 8 quartersData through 2026-Q1

Supply Pipeline

Supply Regime

Accumulating—

Supply pipeline is building up while credit remains available. New units are accumulating in the system — watch for delivery pressure in coming quarters.

Pipeline Ratio

0.91High

Completion-Permit Divergence

-3.2 ppNormal

Accumulating for 3 quartersData through 2025-Q4

Local SignalsDoes not affect score

Metro Permit Activity

Permit Activity

Surge

YoY Permit Growth

+45.6%Far above norm

Raw signal — not the composite percentile

Relative to 2016–2019 norms for this metro

Heavy building into softening demand. The construction pipeline may outrun absorption — watch for inventory acceleration in coming months.

Liquidity

Watch—

Active Listings YoY+21.9%

Days on Market YoY+9.7%

AssessmentInventory building

Watch for 1 monthData through Dec 2025

Internal Structure

County-level structural analysis.

County-level structural analysis is not available for this metro due to fewer than 3 qualifying counties.

Score History

Month	Phase	Score	Price	Permits	Afford	Employ	Migr
2025-11	Hyp	35	22	13	35	62	19
2025-09	Hyp	32	16	13	35	48	19
2025-06	Hyp	33	14	13	36	54	19
2025-03	Ress	35	25	13	40	51	19
2025-01	Ress	37	30	13	40	58	19
2024-12	Hyp	35	22	13	40	53	19
2024-10	Hyp	32	14	13	40	46	19
2024-07	Hyp	32	24	13	44	30	19
2024-06	Ress	30	13	13	44	31	19
2024-04	Ress	29	6	13	44	31	19
2024-03	Hyp	27	6	13	44	21	19
2024-02	Exp	28	10	13	44	18	19
2023-12	Exp	28	21	13	41	11	19
2023-09	Exp	25	11	13	40	8	19
2023-08	Rec	24	7	13	40	4	19
2023-06	Rec	27	10	13	45	16	19
2023-05	Hyp	30	11	13	45	31	19
2023-03	Hyp	30	6	13	44	37	19
2023-01	Ress	30	5	13	44	38	19
2022-11	Ress	35	7	13	55	53	19
2022-10	Hyp	34	9	13	55	49	19
2022-08	Ress	40	35	13	62	47	19
2022-06	Ress	44	58	13	65	45	19
2022-04	Hyp	40	63	13	65	15	19
2022-03	Rec	44	72	13	68	27	19
2022-02	Hyp	44	76	13	68	24	19
2021-12	Hyp	41	77	13	58	16	22
2021-10	Exp	45	80	13	58	34	22
2021-08	Exp	48	88	13	59	46	22
2021-05	Exp	49	90	13	57	49	22
2021-02	Exp	42	87	13	52	17	22
2021-01	Rec	44	88	13	52	29	22
2020-11	Rec	42	90	13	56	16	16
2020-08	Rec	41	91	13	54	12	16
2020-05	Exp	43	92	13	53	21	16
2020-03	Exp	40	87	13	52	8	16
2019-12	Rec	40	87	13	51	12	14
2019-10	Rec	40	92	13	51	8	14
2019-07	Rec	39	89	13	49	7	14
2019-04	Rec	41	88	13	49	20	14
2019-03	Ress	43	90	13	49	33	14
2019-01	Ress	43	90	13	49	32	14

Data Vintages

Price (HPI)2025-Q3

Permits2025-12

Income2024

Employment2025-12

Migration2022