October 24th: Real Estate Update

The home price story continues to vary. Some housing markets are flat/up a tad. Some housing markets are falling at an '08 crash pace. Some housing markets are seeing just a mild correction.

In Mesa County, our average sold price ($426,831) is slightly lower than the high of $430,000. So far, I think you can classify our real estate market as seeing a mild correction. 

In Mesa County

• There are currently 613 active homes on the market in Mesa County. This is a 5 percent decrease compared to last week

• The average sold price YTD $426,831 and the median sold price YTD is $387,000.

• There have been 121 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

Existing Home Sales dipped 1.5% in September, down for the eighth month in a row, their longest losing streak since 2007. But the last two months posted the smallest declines this year, so sales may be stabilizing. Let’s hope so.

After an August rebound, Housing Starts resumed their path downward in September, off 8.1%. But good news came with Building Permits up 1.4%, though this was all due to the multi-unit sector.

Builders are cautious about single-family home demand because of higher mortgage rates. The NAHB homebuilder sentiment index is at 38, its lowest level in ten years. Below 50 means more builders see conditions as poor vs. good.

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