RE Stats: 2/6-2/13

The one week mortgage rate swing from 5.99% to 6.5% will have an impact on the market. The FED has hi-lighted the risk of housing not cooling enough to bring down shelter costs.

Even though housing has shown a rebound in volume to start the year, I believe we will continue to see a softening in prices. Affordability is still at an all time low. We will continue to see higher buyer demand in the affordable price points around $300,000-$400,000. Locally, it will continue to be a tough time to sell anything above $400,000 if rates stay in the 6's.

I am predicting that we will see the amount of active listings rise to around 600 once we hit the prime time spring selling season. The rise in inventory will put downward pressure on prices since buyer demand will be low. Only once rates get back into the 5's, will we see buyer demand rise and prices with it.

In Mesa County

• There are currently 484 active homes on the market in Mesa County. This is a slight decrease from 487 last week.

• The average sold price YTD is $392,165 and the median sold price YTD is $367,500.

• There have been 66 price reductions in the last 7 days.

• There have been 65 new listings in the last 7 days.

• There have been 100 pending listings in the last 7 days.

• The average DOM for the active homes is 102.

Last Weeks New Listings

Last Weeks Sold Listings

NATIONAL MARKET UPDATE

Black Knight reported purchase loan locks went up 64% from the first to last week of January, the largest jump in five years, as well as a growing trend of homebuyers paying points upfront to permanently reduce their mortgage rate.

The Mortgage Bankers Association saw mortgage applications increase 7.4% last week, noting: “Purchase activity that was put on hold last year…is gradually coming back as rates ease and housing demand remains strong.”

Freddie Mac’s chief economist observed that with the recent rate drop for the 30-year fixed-rate mortgage, “interested homebuyers are easing their way back to the market just in time for the spring homebuying season.”

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