This week, we've witnessed a dip in both pending and sold properties, which has resulted in another increase in inventory. There are currently 534 active homes on the market in Mesa County.

Residential properties priced between $200,000 and $400,000 have only seen 20 sales this month, while there are currently 154 active listings within this price range.

For comparison, during the period from 10/3/2022 to 10/17/2022, 64 homes were sold within the $200,000 to $400,000 price range.

It's important to take these factors into account when buying or selling within this price range.

In Mesa County

• There are currently 534 active homes on the market in Mesa County. This is a slight increase from 516 last week.

• The average sold price YTD is $432,670 and the median sold price YTD is $390,000.

• There have been 90 price reductions in the last 7 days.

• There have been 85 new listings in the last 7 days.

• There have been 66 pending listings in the last 7 days.

NATIONAL MARKET UPDATE

Moody’s Investors Service reveals new home sales made up 14% to 15% of total transactions over the last three quarters, up from 10% in pre-pandemic years. They project new home prices will dip 10% this year and 4% more in 2024.

Analysts at nSkope report: “Real estate has returned to a lifestyle-driven market. Those who seemingly want more (or less) space, and access to better schools along with job or relationship-driven moves are driving listing inventory.”

Data firm Black Knight: “August marked the second consecutive month in which annual home price appreciation trended higher in every one of the 50 largest U.S. markets, mirroring the sharp reacceleration we’re seeing at the national level.”

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