April 25th: RE SUMMARY

The talking point this month has been mortgage interest rates and their effect on the housing market. With interest rates now above 5%, we have officially eclipsed the 2018 mark (4.9%) and are seeing the highest rates since 2011. Historically, a rising interest rate environment tends to scare off home buyers, but that response can also take time. Currently, we are still seeing a high demand for housing despite the rising rates. One major reason why I don't believe the rate increases will help with our inventory shortages is because sellers are more reluctant to sell their property with a low rate and jump into something new with a much higher rate.

• There are currently 258 active homes on the market in Mesa County. At the beginning of the year, we had 228 active homes. This is almost a 12% increase compared to the first week of 2022.

• The average list price of those active homes is $613,944

• The average days on market for those active homes is 44.

• There are only 4 active homes below $250,000 that can go FHA 

Last Weeks New Listings 

Last Weeks Sold Listings

Here is some great information from Land Title: