RE Stats: 6/26-7/5

The housing market has shown signs of improvement in 2023 as homebuilders witnessed an increase in demand from price-sensitive buyers seeking relief from last year's mortgage rate shock.

Builders' price adjustments and aggressive incentives, such as mortgage rate buydowns, have attracted buyers back into the new-home market, leading to rising home sales and prices.

However, while the housing recession in the new-home space appears to be over, there are concerns about potential economic factors that could impact housing demand, including Federal Reserve policies, consumer spending pullbacks, and issues in the commercial real estate sector.

In Mesa County

• There are currently 413 active homes on the market in Mesa County. This is a slight increase from 410 last week.

• The average sold price YTD is $426,756 and the median sold price YTD is $386,350.

• There have been 87 price reductions in the last 9 days.

• There have been 86 new listings in the last 9 days.

• There have been 102 pending listings in the last 9 days.

NATIONAL MARKET UPDATE
 

Sales of new single-family homes rocketed ahead 12.2% in May, up for the third straight month. Reasons? The supply of completed homes has more than doubled since the bottom, and the median sale price is 7.6% below a year ago.

Existing home supply remains tight, so the index of signed contracts on those homes dipped in May. But demand is strong, the National Association of Realtors reporting “approximately three offers for each listing.”

The national Case-Shiller home price index moved up in April for the third straight month, though it’s still down a tad annually. The FHFA Index of prices for homes bought with conforming mortgages rose to a new all-time high. 

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