December 19th: Real Estate Update

Keenan Coit, Coldwell Banker Distinctive Properties

December 19, 2022

In Mesa County

  • There are currently 550 active homes on the market in Mesa County. This is a 2% decrease from 557 last week

  • The average sold price YTD $425,860 and the median sold price YTD is $385,000.

  • There have been 50 price reductions in the last 7 days.

  • The average DOM for the active homes is 66

NATIONAL MARKET UPDATE

Last week, the Fed’s decision to slow the pace of rate hikes from 0.75% to 0.50%, along with lower-than-expected consumer price inflation, sent mortgage rates lower. Both signaled that inflation may be starting to cool.

Freddie Mac confirmed: “Mortgage rates continued their downward trajectory this week…. The good news for the housing market is that recent declines in rates have led to a stabilization in purchase demand.”

The Mortgage Bankers Association chimed in with the view that declining rates should “encourage more homebuyers to return to the market in early 2023,” as overall mortgage applications already rose 3.2% last week.

Stocks Today

Here is a link to download my album!

Keenan Coit | Twitter, Instagram, Facebook | Linktree

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

https://linktr.ee/keenancoit

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.