November 21st: RE Update

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The big story for October was the sharp year-over-year decline in existing home sales. New listings were down about 16% year-over-year in October.

Sellers are holding off putting their homes on the market because the market has corrected and it is a tougher time to sell. Many sellers are also holding off because they have locked in such low interest rates. We will continue to see less real estate volume nationally as long as high interest rates push down affordability and buyer demand.

In Mesa County

• There are currently 604 active homes on the market in Mesa County. This is a 3% increase compared to last week

• The average sold price YTD $418,961 and the median sold price YTD is $380,00.

• 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

NATIONAL MARKET UPDATE

Existing Home Sales dipped 5.9% in October, blamed on affordability and mortgage rates. Median prices did rise year-over-year, but the good news is that mortgage rates recently dropped nearly half a percent.

Housing Starts dipped 4.2% and Building Permits slipped 2.4% in October, but both declined less than expected. In the past year, starts and permits for single-families are down, but up for multi-unit homes.

Yet builders are busy. The number of homes under construction is at the highest level since 1970. Plus, the backlog of projects authorized but not yet started is just below the record high going back to 1999.

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