2024 Expectations

Although mortgage rates decreased significantly in late 2023, there should be further drops in 2024, likely linked to a recession. This economic slowdown raises concerns about achieving a soft landing with stable unemployment. 

Despite this uncertainty, we can look forward to a better year for home sales in 2024 compared to the sluggish performance of 2023, driven by soaring interest rates, limited inventory, and high home prices. 

However, the impact of lower mortgage rates on the housing market may be constrained by ongoing inventory shortages and affordability challenges.

In Mesa County

There are currently 465 active homes on the market in Mesa County. This is a 6% decrease compared to two weeks ago.

The average sold price YTD is $406,905 and the median sold price YTD is $355,000.

NATIONAL MARKET UPDATE  

Spending on residential construction in November grew a solid 1.1% above October, and 3.7% ahead of last year. Best of all, the emphasis was on single-family homes, where spending is up 5.5% the past year. 

10,000 people a day are turning 65, fueling a “silver tsunami” in the housing market. The AARP estimates that among people over 50 (74% of homeowners), 51% of them have downsized their homes.

In 2023, new homes accounted for about 30% of total housing inventory and sales—more than twice the normal annual level. Industry experts feel new home sales are near their peak as a share of the total housing market. 

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