August 22nd: Real Estate Summary

Keenan Coit, Coldwell Banker Distinctive Properties

Author

Keenan Coit
August 22, 2022

Here is the link to download my music. I have two songs out, currently. I'm releasing another single this Wednesday and it's titled:

Keenan Coit - Listen on Spotify - Linktree

View keenancoit’s Linktree. Listen to their music on Spotify here.

https://linktr.ee/keenancoit

Be on the lookout for an invitation to my album release party where I will perform the album live and have a merchandise stand. It's going to be epic. Thanks for your support! 

My Thoughts From The Week

  • The mortgage industry is in a tough place right now but real estate is still holding strong. The market we see today, reminds me of 2018. This was before inventory hit all time lows. Buyers had a lot of options. Sellers had to price their homes correctly. 30-Year rates for the year averaged 4.54%

  • Mortgage rates have stabilized but be prepared for some extreme volatility throughout the year.

  • New constructions is down. We are never going to have too much inventory unless we overbuild or rates go to the moon. I don't see either happening.

In Mesa County

  • There are currently 583 active homes on the market in Mesa County. This is a 2 percent increase compared to last week

  • The average sold price YTD $428,423 and the median sold price YTD is $387,000.

  • There have been 120 price reductions in the last 7 days.

  • The average DOM for the active homes is 53.

National Headlines

Existing Home Sales slipped for the sixth straight month in July. But the good news was, median prices fell 2.4%, inventory continued to rise, and demand was strong, with 82% of homes sold in less than a month.

Housing Starts dropped in July. Starts for single-families are down 18.5% yearly, but up 17.4% for buildings with 5 units or more. Building Permits are down 11.7% annually for single-families, up 26.2% for 5+-unit buildings.

Freddie Mac notes: “Inflation appears to be beyond its peak, which has stopped the rapid increase in mortgage rates,” forecasting “supply will modestly increase, and home price growth will decelerate.”

Note:  If you are receiving this unexpectedly it is because you have been placed on a limited distribution of friends and colleagues that I respect and believe will benefit from what I am sharing.