The Big Three With Kee

1. Today’s 30 Year Fixed Rate is sitting around 7.5%. This is a slight increase from Friday but is down from 8% just a few weeks ago.

   It may not seem like much, but even the slightest of favorable moves in interest rates are felt in this current environment.

2. There are currently 542 active homes in Grand Junction. At the beginning of September, there were 492 active listings. Active inventory has increased by 10% over the last 2 months.

3. From January 1, 2022, to October 31, 2022, there was a 20% decrease in listings sold from 3,104 to 2,479 in Grand Junction for the same period in 2023. Days on market rose from 67 to 87 days, and the total sales volume decreased from $1,321,922,502 to $1,068,619,942 (-19.13%).

In Mesa County

• There are currently 542 active homes on the market in Mesa County. This is a 4% increase from 522 last week.

• The average sold price YTD is $430,831 and the median sold price YTD is $390,000. The median sold price in October was $406,500.

• There have been 89 price reductions in the last 7 days.

• There have been 98 new listings in the last 7 days.

• There have been 67 pending listings in the last 7 days.

NATIONAL MARKET UPDATE  

Home building activity keeps…well, building. In September, residential builders spent at a seasonally adjusted annual rate of $872.0 billion, which was 0.6% ahead of August’s annual rate of $866.6 billion.

Home prices rose again in August, according to both the Case-Shiller index and the FHFA index of homes financed with conforming mortgages. The Case-Shiller National Composite stands at an all-time high.

Demand for new homes continues. A national online real estate database reports more than 30% of the homes for sale in the third quarter were new builds—the  highest share for any third quarter on record.

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