Definitely a buyer’s market, an article from The Gazette, reports that according to a report released by the Pikes Peak Association of Realtors, the median price for homes that sold in the Pikes Peak region in February fell to $197,500, down 8.1% from the same month last year.  The report is bad news for sellers, but good news for buyers as local real estate experts point to some positives in a soft market.  Economists and real estate experts say that the ample supply of homes and an influx of foreclosures coming back on the market are some of the reasons prices have fallen.  Jay Gupta, managing broker of Gloriod & Associates in Colorado Springs and 2008 chairman of the association’s board, said because interest rates remain relatively low, and with shrinking prices, some buyers can afford more house for their money.  Houses for sale on the local association’s multiple listing service totaled 5,571 in February, a 7.1% increase from the same time last year.

http://www.gazette.com/articles/prices_33935___article.html/market_month.html

NAR: Home Sales to Hold Steady, an article from Realtor Magazine Online, reports that according to the latest forecast by the National Association of Realtors, the volume of existing-home sales is expected to remain stable through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas.  Lawrence Yun, NAR chief economist said, “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions.  Therefore, a notable rise in home sales can be anticipated in the second half of the year."  The forecast calls for existing-home sales to remain flat around an annual level of 4.9 million in the first half of the year before improving to a 5.8-million pace in the second half. With a weak first half, total sales for 2008 are projected at 5.38 million, but are then seen to rise 3.5% to 5.6 million in 2009. The aggregate existing-home price is projected to decline 1.2% to a median of $216,300 this year, and then increase 3.5% to $223,800 in 2009.
http://www.realtor.org/rmodaily.nsf/pages/News2008030601
 
Additional articles that you may find of interest:
  

Pines at Broadmoor Bluffs sets new per-unit benchmark
http://www.crej.com/news_category.php?category_id=4#1287

Army might settle for smaller expansion at Pinon Canyon
http://www.gazette.com/articles/army_33930___article.html/expansion_pinon.html

High-cost mortgages just got cheaper
http://money.cnn.com/2008/03/06/real_estate/expensive_mortgages_get_cheaper/index.htm?postversion=2008030617