July 18th: Real Estate Summary

More than half of sellers lowered their asking prices last month in three major U.S. cities. The vast majority of markets, roughly 3 in 4, had at least 25 percent of homes undergo a price drop last month. If demand falls further, sellers will continue to play catch-up and cut prices to attract buyers.

• Nearly 62% of houses for sale in Boise, Idaho, had a price drop in June

• 55% of homes in Denver saw a price drop in June

• 52% of homes in Sale Lake City saw a price drop in June

• There are currently 512 active homes on the market in Mesa County. This is a slight decrease compared to last week

• The average sold price YTD $424,238 and the median sold price YTD is $385,000.

• There have been 102 price reductions in the last 7 days.

• The average DOM for the active homes is 46.

Last Weeks New Listings

Last Weeks Sold Listings

UP FINISH TO A DOWN WEEK... Stocks rallied Friday, but not enough to offset earlier losses. The three major indexes ended down for the week on fears inflation would push the Fed to bigger rate hikes and cause a recession.

The Consumer Price Index (CPI) went up 1.3% in June, pushing the annual rate of inflation to 9.1%, a 41-year high. Economists said a 100-basis-point (1%) Fed rate hike was now in play, and that spurred the recession worries.

Friday, we saw Retail Sales head up 1.0% in June to an 8.4% annual rate. That gain was wiped out by the 9.1% inflation, but at least the report shows consumers haven't been turned off by higher prices just yet.

The week ended with the Dow down 0.2%, to 31,288; the S&P 500 down 0.9%, to 3,863; and the Nasdaq down 1.6%, to 11,452.

Also, go check out my new Podcast with Coldwell Banker Distinctive Properties CEO, Todd Conklin!

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