October 3rd: Real Estate Summary

Even with rates soaring over the last 3 months, our local inventory has seemed to stabilize and has been sitting around 600 active listings. Before the COVID lockdowns, our inventory was consistently above 600 listings.

60% of all listings in Mesa County are below $500,000. This is another reason why I don't believe real estate prices will drop drastically in our market. The interest rates have less of an effect on the lower price points. Especially since rent prices are so high.

The $200,000-$400,000 price range offers plenty of opportunity for first time home buyers and investors in Mesa County. Depending on how the overall economy performs, we very well may look back at this time as an incredible opportunity for buyers.

In Mesa County

• There are currently 595 active homes on the market in Mesa County. This is a 2 percent increase compared to last week

• The average sold price YTD $429,103 and the median sold price YTD is $389,900.

• There have been 134 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

New Home Sales jumped 28.8% in August, the largest monthly gain in more than two years. At a 0.685 million annual rate, sales are only 0.1% below a year ago and the median price was down 6.3% from the month before.

Home prices may be leveling off. Case-Shiller home prices dipped 0.2% in July, while FHFA prices of homes financed by conforming mortgages fell 0.6%, the largest monthly drops for both since 2011, though they're still well up annually.

The NAR’s Pending Home Sales index of contracts on existing homes slid 2.0% in August, but their chief economist noted, “If mortgage rates moderate and the economy continues adding jobs, then home buying should also stabilize.”

Stocks Today

Here is a link to download my album!

Note: If you are receiving this unexpectedly it is because you have been placed on a limited distribution of friends and colleagues that I respect and believe will benefit from what I am sharing.