Pueblo, CO

NeutralTier 1CBSA 39380Compare

Risk Rank: #166 of 274Month: 2026-06Score change (12m):— +2

48score

Composite risk percentile vs 274 metros (higher = higher risk)

Executive Summary

Pueblo's housing market shows average risk, ranking 166th of 274 metros. The market recently entered Recovery. Inventory levels are elevated, warranting monitoring. Recovery underway but inventory still elevated — watch for follow-through.

Pueblo experienced a market correction from early 2025 through late 2025. The market is currently recovering.

Inventory is elevated (+20% YoY) and days on market are up +2% — supply is building but not yet at stress levels.

Rent growth is roughly keeping pace with price appreciation, suggesting valuations are not stretched.

Cycle Phase

RecoveryExpansionHypersupplyRecession

1 month in current phase·from Hypersupply

Market conditions are rebuilding after a correction period

Key Dynamics

Risk is primarily driven by affordability and price momentum, while permit growth provides the most support.

Top Drivers

Affordabilityp92

Mortgage payment / income

Price Momentump79

12-month HPI change

Employmentp70

12-month employment change (risk inverted)

Market Signals

Inventory is elevated (+20% YoY) and days on market are up +2% — supply is building but not yet at stress levels.

Liquidity

Watch↓

Active Listings YoY

+19.5%p69

Days on Market YoY

+1.7%p50

Months in status1

Data through Jun 2026

Valuation

Balanced—

Rent vs. Price Growth

-0.6%p55

Months in status2

Data through Jun 2026Rent growth vs price growth (rent support). Note: Affordability and Valuation measure different structural dimensions and can diverge.

Factor Details

Lower riskHigher risk

Low RiskBelow AvgNeutralElevatedHigh Risk

Price MomentumElevated

+2.4%p79

12-month HPI change — higher = overheating

Permit GrowthLow Risk

-52.5%p0

YoY permit change — higher = supply pressure

Permits per CapitaLow Risk

0.73p2

Permits per 1,000 residents — higher = overbuilding risk

AffordabilityHigh Risk

0.36p92

Mortgage payment / income — higher = more burdened

EmploymentElevated

+0.0%p70

12-month employment change (risk inverted)

MigrationNeutral

+$12Kp45

Net AGI migration (risk inverted)

National Context

Credit Conditions

Credit Regime

Stable—

Early-stage recovery with lingering transaction weakness. Credit is available but buyer activity hasn't fully returned yet.

Bank Lending Standards

N/ANormal

Rate Change (YoY)

-5 bpsNormal

Mortgage Risk Premium

+194 bpsElevated

Stable for 10 quartersData through 2026-Q3

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

0.90Elevated

Completion-Permit Divergence

-3.1 ppNormal

Accumulating for 5 quartersData through 2026-Q2

Local Signals

Metro Permit Activity

Permit Activity

Sharp Cooling

YoY Permit Growth

-52.5%Significant pullback

Raw signal — not the composite percentile

Relative to 2016–2019 norms for this metro

Based on limited permit volume

Sharp building pullback with softening demand. Mixed signals — builders saw weakness early, but demand hasn't fully deteriorated yet.

Employment Concentration

Employment

Moderate

Largest SectorHealth Care 20.4%

QCEW 2024 annual averages

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
2026-05	Hyp	45	37	1	92	92	45
2025-11	Hyp	45	5	31	89	91	41
2025-08	Hyp	44	2	31	89	90	41
2025-07	Ress	45	1	31	89	96	41
2025-05	Ress	46	10	31	92	88	41
2025-02	Hyp	48	19	31	90	94	41
2024-12	Ress	52	47	31	91	92	41
2024-10	Ress	49	30	31	91	89	41
2024-09	Hyp	59	85	31	95	88	41
2024-07	Hyp	58	74	31	95	96	41
2024-05	Ress	50	27	31	93	95	41
2024-03	Ress	45	1	31	90	95	41
2024-02	Exp	44	0	31	90	92	41
2023-12	Rec	43	0	31	82	94	41
2023-10	Rec	43	1	31	82	92	41
2023-07	Rec	41	2	31	83	76	41
2023-06	Hyp	44	6	31	84	90	41
2023-04	Hyp	46	9	31	84	96	41
2023-03	Ress	48	27	31	90	85	41
2023-01	Ress	46	22	31	90	82	41
2022-10	Ress	50	39	31	93	82	41
2022-09	Hyp	51	40	31	93	91	41
2022-07	Ress	49	36	31	93	80	41
2022-05	Ress	49	59	31	94	55	41
2022-03	Hyp	55	78	31	95	72	41
2022-01	Ress	53	83	31	95	56	41
2021-11	Ress	58	84	30	91	84	45
2021-10	Hyp	58	84	30	91	84	45
2021-09	Ress	60	93	30	93	83	45
2021-07	Ress	62	93	30	93	100	45
2021-06	Exp	62	94	30	93	95	45
2021-04	Exp	62	94	30	93	96	45
2021-01	Exp	58	96	30	91	73	45
2020-11	Rec	53	97	30	95	39	45
2020-09	Rec	50	98	30	95	17	45
2020-06	Exp	49	97	30	93	16	45
2020-04	Exp	48	99	30	93	5	45
2020-03	Rec	47	97	30	93	2	45
2020-01	Rec	47	96	30	93	3	45
2019-10	Exp	52	97	30	92	37	44
2019-08	Exp	49	96	30	93	20	44
2019-07	Rec	50	93	30	93	27	44
2019-05	Rec	55	93	30	91	62	44
2019-02	Ress	58	92	30	90	80	44
2019-01	Ress	60	89	30	90	93	44

Data Vintages

Price (HPI)2026-Q1

Permits2026-06

Income2024

Employment2026-06

Migration2023