October 17th: Real Estate Summary

Rates have seemed to normalize above 7%. At these rates, housing affordability is reaching all time lows. Luckily, Fannie Mae and other housing experts are predicting rates to fall in 2023 and average out at 4.5% for the year. 

Home prices are still on the rise but they're beginning to ease. Prices grew 15.8% in July from the year before. The existing home sales report is expected to show sales have fallen to 4.7 million annually which would be a drop of 25%. Most homeowners have locked in low interest rates and have so much equity built up that they will be able to hold on to their homes through the upcoming recession. 

In Mesa County

• There are currently 618 active homes on the market in Mesa County. This is a 5 percent decrease compared to last week

• The average sold price YTD $427,445 and the median sold price YTD is $387,000.

• There have been 113 price reductions in the last 7 days.

• The average DOM for the active homes is 64

Last Weeks New Listings

Last Weeks Sold Listings

NATIONAL MARKET UPDATE

Realtor.com reports active inventory continued to grow in the week ending October 1, 30% above one year ago, although down from pre-pandemic levels. Homes spent six more days on the market than a year ago.

Fitch Ratings expects home prices to fall but sees more of a correction rather than a crash, citing “still constrained” housing inventory, a “strong job market,” and “prudent lending standards.”

The Mortgage Bankers Association noted, “The news that job growth and wage growth continued in September is positive for the housing market, as higher incomes support housing demand.”

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