Over the last three months, over one-third of home sales have included concessions from sellers.

Because of high mortgage rates, sellers are adapting by providing concessions, ranging from minor credits for repairs to more substantial adjustments like replacing sections of walls.

Notably, data from Redfin highlights a substantial uptick in seller concessions, signifying a shift in market dynamics from the competitive conditions observed in the recent past.

In Mesa County

There are currently 533 active homes on the market in Mesa County. This is a 2% decrease compared to last week.

The average sold price YTD is $429,694 and the median sold price YTD is $390,000.

NATIONAL MARKET UPDATE  

According to the National Association of Realtors (NAR), multiple offers “are still occurring, especially on starter and mid-priced homes.” Yet Existing Home Sales fell 4.1% in October due to “the persistent lack of housing inventory.”

But inventory is rising, and sales should too. An online real estate database reports active listings rose last month to more than 1.4 million, while signed contracts hit the highest level in a year, so sales should gain when those contracts close.

Meanwhile, sellers remain in a good position. The NAR notes, “homesellers have done well…. A typical homeowner has accumulated more than $100,000 in housing wealth over the past three years.”

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