RE Stats: 5/1-5/8

As we head into the all-important spring season for the housing market, we're seeing a concerning trend: there aren't many homes going up for sale. According to Realtor.com, the number of homes listed for sale in April 2023 was below last year's already tight supply, and even further below levels seen in April 2019.

This is due in part to homeowners choosing to "quietly quit" the housing market, as Redfin chief economist Daryl Fairweather puts it. With mortgage rates on the rise, it doesn't make sense for many homeowners to sell and then buy a new home at a much higher rate, resulting in fewer move-up sellers/buyers and fewer homes on the market.

This lack of inventory is having an impact on both the supply and demand sides of the market. If homeowners hold off on trading up, there are fewer homes going on the market and fewer buyers entering the market. While there are actually more homes available for sale compared to last year, we're still far from a national buyers' market.

Only one of the country's 100 largest housing markets (Austin) has returned to pre-pandemic inventory levels, and the rest are still below April 2019 levels.

This means that the power dynamic has shifted somewhat in buyers' favor in theory, but in reality, there is still a limited supply of homes for sale.

• There are currently 407 active homes on the market in Mesa County. This is a 6% decrease from 420  last week.

• The average sold price YTD is $412,538 and the median sold price YTD is $370,000.

• There have been 84 price reductions in the last 7 days.

• There have been 152 new listings in the last 7 days.

• There have been 128 pending listings in the last 7 days.

• The average DOM for the active homes is 85.

Last Weeks New Listings

Last Weeks Sold Listings

NATIONAL MARKET UPDATE

The CoreLogic Home Price Index (HPI) reported year-over-year home price growth fell to 3.1% in March, hitting its lowest appreciation rate in 11 years. Monthly price growth fell to 1.6%.

Although construction spending was up overall in March, residential spending came in a tick below February at a still respectable $827.2 billion annual rate. Given the low existing home inventories, builders are optimistic but cautious.

Realtor.com’s latest weekly report saw active inventory 39% above a year ago. Sellers have more competition, but homes are still spending 15 fewer days on the market than before the pandemic.

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