August 29th: Real Estate Summary

Keenan Coit, Coldwell Banker Distinctive Properties

Author

Keenan Coit
August 29, 2022

My Thoughts From The Week

  • The months supply of existing home sales grew to 3.3 months by the end of July, up from last month (2.9 months) and last year (2.6 months), yet remains short of a balanced level nationwide.

  • This shows it is still a sellers market. 6 months is considered a balanced buyer/seller market.

  • Months supply of new construction homes is at 10.9 months. This is an alarming increase and is something to keep an eye on. I do believe a big reason for this increase is because of the delays in manufacturing and labor in the construction market. It's taking some builders twice as long to complete a house compared to a few years ago.

In Mesa County

  • There are currently 582 active homes on the market in Mesa County. This is a 1 percent decrease compared to last week

  • The average sold price YTD $428,287 and the median sold price YTD is $385,450.

  • There have been 135 price reductions in the last 7 days.

  • The average DOM for the active homes is 54.

National Headlines

New Home Sales fell 12.6% in July, hitting the lowest sales rate since 2016, put to declining affordability. But inventory rebounded to the highest level since 2008, translating to 10.9 months of supply, up 81.7% from a year ago.

The Pending Home Sales index of signed contracts on existing homes dipped just 1.0% in July. The National Association of Realtors Chief Economist feels, “we may be at or close to the bottom in contract signings.”

Freddie Mac notes: “The combination of higher mortgage rates and the slowdown in economic growth is weighing on the housing market.” But “there are still potential homebuyers on the sidelines waiting to jump back into the market.”

On Friday, 09/09, I will officially be releasing the entire album.Here is an invitation to my album release party where I will perform it live and have a merchandise stand. It's going to be epic. Thanks for your support!

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