January 23rd: Real Estate Update

Keenan Coit, Coldwell Banker Distinctive Properties

January 23, 2023

Rate relief has been providing a welcome start for housing in 2023. Between falling mortgage rates and recent home price declines, mortgage payments have dropped double digits.

Here's the homebuyer purchasing power boost comparing November 2022 when rates hit 7%+ vs. today's 6%. Combine lower rates with falling home prices and you quickly get a nice boost for buyers.

 In Mesa County

  • There are currently 501 active homes on the market in Mesa County. This is a 3% decrease from 515 last week.

  • The average sold price YTD is $391,767 and the median sold price YTD is $374,000.

  • There have been 60 price reductions in the last 7 days.

  • There have been 98 new listings in the last 7 days.

  • There have been 83 pending listings in the last 7 days.

  • The average DOM for the active homes is 90.

NATIONAL MARKET UPDATE

Existing Home Sales slipped in December, blamed on falling affordability. But the National Association of Realtors noted, “expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.”

Housing Starts dipped a tick overall too, yet it was all due to multi-families—single-family starts rose for the first time in four months, scoring the biggest monthly percentage gain in more than a year. 

Permits fell a bit, but builders have their hands full, with homes under construction at the highest level going back to 1970. And with the recent drop in mortgage rates, homebuilder sentiment rose for the first time in 13 months.

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