RE Stats: 5/29-6/05

Housing inventory remains constrained in Mesa County.

We stated this year with an absorption rate of 2 which means that if there were no new listings, it would take 2 months for our inventory to run out.

We are currently at an absorption rate of 1.45.

A balanced market has historically been 6 months of inventory.

Based off supply and demand economics, I foresee real estate prices to continue to rise.

In Mesa County

• There are currently 396 active homes on the market in Mesa County. This is a 2% increase from 385  last week. We began the year with 516 active listings on January 9th.

• The average sold price YTD is $420,542 and the median sold price YTD is $379,900.

• There have been 65 price reductions in the last 7 days.

• There have been 94 new listings in the last 7 days.

• There have been 89 pending listings in the last 7 days.

• The average DOM for the active homes is 79.

NATIONAL MARKET UPDATE
 

Builders ramped up activity in April, sending spending on residential construction up 0.5% for the month to an $845.4 billion annual rate. Single-family construction spending is still down from a year ago, but multifamily is up.

The Case-Shiller Index reported March home prices rose from a year earlier for the second straight month, noting “the decline in home prices that began in June 2022 may have come to an end.”

One more indication home prices may have turned the corner came when the FHFA index of prices for homes sold with conforming mortgages headed up 0.6% in March, hitting a new high, up 0.7% from the prior record.

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