June 27th: The Real Estate Headlines of the Week

Here are three headlines I read this week that I thought were interesting:

1. Pending home sales climb in May following 6 months of declines

   1. The modest .7% increase shouldn't discount clear evidence of a transition spurred by high prices and mortgage rates. Pending sales are still down 13.6% from their May 2021 levels

2. House payments have skyrocketed. Are they finally beginning to peak?

   1. Mortgage payments are as high as it's been in recent memory. But a sudden slowdown in growth may spell a turning point for the market. The median payment for mortgage applications ticked upward to $1,897 in May.

3. Demand for vacation homes slips below pre-pandemic levels

   1. Mortgage locks for second homes fell 4% from pre-pandemic levels in May as mortgage rates rose to nearly 6% and the housing market continued to cool. Also deterring buyers has been the federal government’s decision to increase the cost of loans on second homes, adding approximately $13,500 to a home with a price tag of $400,000.

• There are currently 439 active homes on the market in Mesa County. This is a 7% increase compared to last week

• The average sold price YTD is $421,987 and the median sold price YTD is $382,250.

• There have been 93 price reductions in the last 7 days.

• The average DOM for the active homes is 62.

Last Weeks New Listings 

Last Weeks Sold Listings

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