Housing availability continues to be one of the most defining challenges across San Miguel County, and a recent county-led housing code update highlights just how complex—and consequential—this issue has become. With nearly half of the local workforce commuting more than 25 miles and an estimated need for 1,100 additional housing units by 2030, the county is actively examining how land-use regulations may be unintentionally limiting new housing development in unincorporated areas.

To address this, the county launched a comprehensive land use code audit and convened a Stakeholder Strategic Roundtable made up of property owners, developers, local workers, and infrastructure planners. Their goal: identify regulatory barriers that increase costs, slow approvals, or restrict housing types—and find ways to streamline the process while preserving community character. These housing policy discussions tie directly into current Telluride real estate market conditions, particularly around inventory and long-term value.

One of the most significant discussions centers around Colorado’s Proposition 123 “Fast Track” standards, which incentivize expedited review for housing projects that include affordable units. The county is currently on track to meet state deadlines, a key requirement for maintaining access to planning grants that help fund this work. Notably, stakeholders supported adjusting Area Median Income (AMI) thresholds upward—settling on 120% AMI for rentals and 200% AMI for ownership—to better reflect the realities of a rural resort economy like ours. For those considering buying a home in Telluride, understanding how housing policy shapes supply is an important part of long-term planning.

So why does this matter to Telluride buyers and sellers? Regulatory changes can influence Telluride home values, particularly as surrounding communities adjust housing density and approvals.

For sellers, housing policy directly affects land values, development potential, and long-term market stability. Regulatory changes that allow more housing density or faster approvals in surrounding areas can influence demand patterns, pricing pressure, and future inventory—especially for workforce and middle-income housing.

For buyers, particularly those investing long-term, these updates signal how the region is planning for sustainability. A healthy housing ecosystem supports the local workforce, strengthens the year-round economy, and protects the lifestyle that draws people to Telluride in the first place.

My local takeaway: this process isn’t about overdevelopment—it’s about thoughtful calibration. San Miguel County is attempting to balance housing needs with limited land, infrastructure constraints, and the preservation of community character. For anyone considering buying or selling in Telluride, understanding these policy shifts is essential. Real estate here has always been shaped as much by planning decisions as by natural beauty—and staying informed is part of protecting both your investment and our community’s legacy.

Telluride News – Jan. 30, 2026 – County continues housing code discussions

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Final approval was given to settlements reached by NAR, HomeServices of America, and the 15 MLSs and 13 brokerages that opted in
November 26, 2024, 4:20 pm By Brooklee Han

The National Association of Realtors (NAR) and the real estate industry at large have something to be thankful for this Thanksgiving. Judge Stephen Bough of the U.S. District Court in Kansas City, Missouri, on Tuesday granted final approval to NAR’s commission lawsuit settlement agreement, as well as the settlements reached by HomeServices of America and the numerous MLSs and brokerages that chose to opt into NAR’s settlement.

The approval comes despite a last-minute filing from the Department of Justice, in which the DOJ took issue with the settlement provision that requires buyers to sign a buyer broker representation agreement prior to touring a house with an agent. The DOJ believes the buyer broker agreements have the potential to “limit how brokers compete for clients.”

“It bears a close resemblance to prior restrictions among competitors that courts have found to violate the antitrust laws in other proceedings and could limit — rather than enhance — competition for buyers among buyer brokers,” the DOJ wrote in its statement of interest filed on Sunday.

The DOJ also noted in its filing that the approval of the settlement “does not preclude any future enforcement actions by the United States, and compliance with the proposed settlement or new NAR rules implementing that settlement affords no defense to any such enforcement actions.”

Despite these concerns, as well as the objections filed by eight individuals and five attorneys who previously filed copycat commission lawsuits, Bough granted final approval to the settlement.

Although it is clear based on the DOJ’s statement of interest that this saga may not be over, Bough’s ruling marks an end to this chapter that began March 15, 2024, when news of NAR’s settlement broke.

The settlement, which requires NAR to pay $418 million and agree to business practice changes such as the removal of offers of compensation from the MLS, received preliminary approval in late April. Due to the timeline surrounding class notifications, the business practice changes — including the mandatory buyer representation agreements — went into effect nationwide on Aug. 17.

“This is an important moment for NAR members, home buyers and sellers, and the real estate industry,” Kevin Sears, the president of NAR, said in a statement. “As consumer champions, NAR’s members have been working tirelessly to implement the practice changes required by the settlement and shepherd consumers through this period of transition. The principles of transparency, competition and choice are core to the settlement agreement and empower real estate professionals and consumers to negotiate the services and compensation that work for them.”

According to the plaintiffs’ motion for final approval of the settlement, 15 million postcards and 24 million emails were sent to members of the class. Using several notification mechanisms, attorneys believe they were able to reach 99% of settlement class members.

As of last week, nearly 500,000 people had submitted claims to be part of the settlement, but eligible home sellers have until May 2025 to file a claim. By contrast, 39 class members have opted out of the settlement.

In addition to covering the organization itself, NAR’s settlement also protects all brokerages that recorded less than $2 billion in sales volume in 2022 and all Realtor-affiliated MLSs. For firms that fell outside of this range, the settlement included an opt-in mechanism allowing them to be protected under the agreement. According to the filing, 13 brokerages and 15 non-Realtor-affiliated MLSs have opted into the settlement. These parties will pay an additional sum of about $30.6 million into the settlement fund.

For its part, HomeServices of America will pay $250 million into the settlement fund, as defined by the settlement it negotiated in late April.

In a statement sent to HousingWire on Tuesday, HomeServices of America said it was “pleased” that the settlement has received final court approval.

“We remain committed to supporting our people as they continue to deliver exceptional service to clients and communities nationwide,” said Chris Kelly, HSA executive vice president. “Our local company leaders, agents, and employees deserve tremendous credit for their exceptional ability to navigate the challenges of the past year.”

He continued: “Beyond the legal and regulatory pressures, ongoing market dynamics continue to impact buyers and sellers, requiring innovative solutions. As we look ahead, HomeServices’ full-service model uniquely positions us to meet the needs of today’s consumers, who see homeownership as the most tested and reliable path to wealth creation. By staying focused on solving these challenges, we aim to deliver unmatched value and opportunities for our clients and communities.”

This is the third round of commission lawsuit settlements that Bough has issued final approvals for.

In May, he granted final approval to the settlements reached by Anywhere, RE/MAX and Keller Williams. In October, he issued approvals for the settlements reached by Compass ($57.5 million), The Real Brokerage ($9.25 million), At World Properties ($6.5 million), Douglas Elliman ($7.75 million, but may pay up to an additional $10 million), Redfin ($9.25 million), Engel & Völkers ($6.9 million), Realty ONE Group ($5 million), HomeSmart Holdings ($4.7 million) and United Real Estate ($3.75 million) in the combined Gibson and Umpa lawsuits.

This story will be updated with more information and commentary as it becomes available.
Click here to read more FAQ’s about the recent change in real estate.