November 28th: RE Update

The big story this week is that sales of newly built homes climbed 7.5% between September and October. This comes after sales of new homes dipped 10.9% in September.

Mortgage demand was also up for a 3rd week in a row as rates continue to ease. Demand for purchase loans was up by a seasonally adjusted 3 percent last week compared to the week before but is still down 41% from a year ago.

Forecasters expect mortgage rates will continue to fall as the FED winds down their aggressive campaign to fight inflation.

In Mesa County

• There are currently 598 active homes on the market in Mesa County. This is a 1% increase compared to last week

• The average sold price YTD $426,175 and the median sold price YTD is $385,000.

• There have been 33 price reductions in the last 7 days.

• The average DOM for the active homes is 65

Last Weeks New Listings

Last Weeks Sold Listings

NATIONAL MARKET UPDATE

New Home Sales surprised to the upside in October, increasing 7.5%, to a 0.632-million-unit annual rate. Sales are still down a bit from a year ago, but it looks like market activity might be beginning to stabilize.

The inventory of completed homes has started to rise, and this additional inventory is helping a decelerating trend in home prices. Also helping affordability, mortgage rates recently dropped about 50 basis points (0.50%).

That drop in mortgage rates is driving up demand, as mortgage applications were up 2.2% for the week ending November 18 after booking a 2.7% gain the prior week. Even refinance demand increased 1.5% for the week.

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