Pueblo, CO

Below AverageTier 1CBSA 39380Compare

Risk Rank: #239 of 273Month: 2026-08Score change (12m):↓ -8

36score

Composite risk percentile vs 273 metros (higher = higher risk)

Executive Summary

Pueblo's housing market shows below-average risk, ranking 239th of 273 metros. The market recently entered Recovery. Current conditions are balanced with stable liquidity. Early signs of stabilization — conditions may favor patient buyers.

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

Inventory is growing at a moderate +10% pace with homes taking -12% longer to sell — within normal ranges.

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

Cycle Phase

RecoveryExpansionHypersupplyRecession

1 month in current phase

Market conditions are rebuilding after a correction period

Key Dynamics

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

Top Drivers

Affordabilityp88

Mortgage payment / income

Employmentp74

12-month employment change (risk inverted)

Migrationp46

Net AGI migration (risk inverted)

Market Signals

Inventory is growing at a moderate +10% pace with homes taking -12% longer to sell — within normal ranges.

Liquidity

Stable↓

Active Listings YoY

+9.8%p59

Days on Market YoY

-11.8%p26

Months in status1

Data through Aug 2026

Valuation

Balanced—

Rent vs. Price Growth

+0.8%p75

Months in status1

Data through Aug 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 MomentumLow Risk

-0.3%p7

12-month HPI change — higher = overheating

Permit GrowthLow Risk

-60.8%p0

YoY permit change — higher = supply pressure

Permits per CapitaLow Risk

0.58p1

Permits per 1,000 residents — higher = overbuilding risk

AffordabilityHigh Risk

0.36p88

Mortgage payment / income — higher = more burdened

EmploymentElevated

-0.3%p74

12-month employment change (risk inverted)

MigrationNeutral

+$12Kp46

Net AGI migration (risk inverted)

National Context

Credit Conditions

Credit Regime

Stable—

Healthy recovery. Credit is flowing normally and transactions are steady — conditions favor continued rebuilding.

Bank Lending Standards

+0.0Normal

Rate Change (YoY)

+11 bpsNormal

Mortgage Risk Premium

+196 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

0.89Elevated

Completion-Permit Divergence

-19.2 ppNormal

Accumulating for 6 quartersData through 2026-Q3

Local Signals

Metro Permit Activity

Permit Activity

Sharp Cooling

YoY Permit Growth

-60.8%Significant pullback

Raw signal — not the composite percentile

Relative to 2016–2019 norms for this metro

Based on limited permit volume

Significant supply pullback into healthy demand. A supply constraint is forming — pricing power is shifting to existing inventory holders.

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
2026-06	Rec	48	79	0	92	70	45
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-Q2

Permits2026-08

Income2024

Employment2026-08

Migration2023