December 28th: Real Estate Update

Keenan Coit, Coldwell Banker Distinctive Properties

December 28, 2022

 In Mesa County

  • There are currently 543 active homes on the market in Mesa County. This is a 2% decrease from 557 last week

  • The average sold price YTD $425,965 and the median sold price YTD is $385,000.

  • There have been 40 price reductions in the last 8 days.

  • The average DOM for the active homes is 66

NATIONAL MARKET UPDATE

New Home Sales shot up 5.8% in November after surging 8.2% in October and now sit at a 640,000-unit annual rate. The welcome gains were put to homebuilder incentives and the recent dip in mortgage rates.

Existing Home Sales fell in November, blamed on declining affordability. But the good news is, median prices are falling, now down five months in a row, and mortgage rates have lately dropped nearly a full percentage point.

Housing Starts slipped in November, all due to single-families, as multi-unit starts rose. But builders already have lots of projects in the pipeline, with the number of homes under construction at the highest level in the last 50-plus years.

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