Why I expect solid housing demand through at least 2030. 

• Permanent work-from-home boost. Work-from-home arrangements mean workers and their families will need additional space, boosting housing demand even more.

• More homes are needed. Rebounding adult population growth will fuel new household formations and new housing demand through the rest of the decade. The US adult population (age 20+) is expected to grow by +18 million from 2020 through 2030.

• Suburbs and exurbs will grow the fastest. +7.3 million additional 30-to-49-year olds between 2020 and 2030 will push demand for housing into the suburbs due to people moving from more expensive urban areas and needing more space.

In Mesa County

• There are currently 410 active homes on the market in Mesa County. This is a 6% decrease from 425 last week.

• The average sold price YTD is $423,897 and the median sold price YTD is $385,000.

• There have been 56 price reductions in the last 7 days.

• There have been 79 new listings in the last 7 days.

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

NATIONAL MARKET UPDATE
 

Housing Starts shot up almost 22% in May, the biggest monthly gain since 2016 and 5.7% ahead of a year ago. Builders have lots of projects in the pipeline, so building permits rose a less dramatic 5.2% for the month.

The NAHB builder sentiment index hit 55 in June, signaling most builders see conditions as good. Small wonder. The NAR reports “newly constructed homes are selling at a pace reminiscent of pre-pandemic times.”

Even Existing Home Sales gained in May, up 0.2%, and, good news for buyers, the median price was down 3.1%. But prices shouldn’t crater, as there’s only 3 months of inventory, versus 5 months in a normal market.

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