As home prices reach historic high in Pikes Peak region, is the American Dream of homeownership out of reach for the typical buyer?

The median sale price of single-family homes in the Pikes Peak region reached a historic high this summer.

The hot sales market underscores the area's exponential growth over the last decade, coupled with a shortage of available and affordable housing units to meet demand, some regional housing industry experts said.

Although ballooning sticker prices, growing insurance costs and higher mortgage rates have stoked fears among some that purchasing a home and achieving what so many consider the American Dream is now out of reach, it's still an achievable goal for the typical buyer, the industry insiders said.

"Although it is challenging, it is still a realistic goal if you have a plan in place and create that plan with a reputable mortgage (loan officer) and … a reputable real estate age