RE Stats: 5/15-5/22

Keenan Coit, Coldwell Banker Distinctive Properties

May 22, 2023

We're 0.36 (36 bps) below this year's peak 10-year yield.

However, we're just 0.15 (15 bps) below this year's peak 30-year mortgage rate reading (6.95% today Vs. '23 high of 7.10%)

The reason? The spread is 324 bps

In Mesa County

  • There are currently 388 active homes on the market in Mesa County. This is a 7% decrease from 401  last week.

  • The average sold price YTD is $464,126 and the median sold price YTD is $375,000.

  • There have been 57 price reductions in the last 7 days.

  • There have been 82 new listings in the last 7 days.

  • There have been 105 pending listings in the last 7 days.

  • The average DOM for the active homes is 84 .

NATIONAL MARKET UPDATE

Housing Starts rose in April for both single-family and multi-unit projects. Starts are still down from a year ago, but building has hardly stopped, with the number of homes under construction near its highest level since 1970.

With so many projects in the pipeline, builders are busy, so it was no surprise to see permits for new projects slip a tad in April. The NAHB builder sentiment index rose for the fifth straight month to its highest level since last July.

Sales of existing homes slowed in April, thanks to a less than 3 months’ supply of homes for sale, versus the 5 months of a normal market. But good news for buyers came with the median price now down 1.7% from a year ago.

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