RE Stats: 2/27-3/06

Keenan Coit, Coldwell Banker Distinctive Properties

March 06, 2023

Back Knight's home price index for January marked the seventh straight monthly decline in home prices. Home prices are down 5.5% off their peak in June 2022.

Keep in mind that January's decline (-.24% from December) was the smallest yet in that seven-month span.

Nationally, new listings-which started its seasonal rise in January- are down 15.2% on a year-over-year basis.

There were 25% fewer homes listed for sale in January than normal which is why inventory fell in the month despite home sales hitting a 7-year low. With would be home sellers currently sitting on the sidelines, inventory shortages could continue well into the foreseeable future.

In Mesa County

  • There are currently 477 active homes on the market in Mesa County. This is a slight increase from 473 last week.

  • The average sold price YTD is $399,608 and the median sold price YTD is $360,000.

  • There have been 64 price reductions in the last 7 days.

  • There have been 77 new listings in the last 7 days.

  • There have been 76 pending listings in the last 7 days.

  • The average DOM for the active homes is 99.

NATIONAL MARKET UPDATE

The Pending Home Sales index of signed contracts on existing homes rose in January for the second straight month, up 8.1%, though still down from a year ago. Gains were nationwide and foretell higher sales in February and March.

In January, spending on residential construction came in at a decent $847.4 billion annual rate, just a tick below December’s figure. This indicates more new homes will become available later this year.

Best of all, ShowingTime’s index of home showings posted its largest monthly increase ever. Their VP of sales and industry noted, “a larger increase than any January before, after last year’s rapid cooldown, is significant.”

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