RE Stats: 7/24-7/31

In May, house prices and mortgage rates reduced housing affordability by 0.7%. Despite this, nominal house price growth increased by 0.6%, reaching a new peak.

The data suggests a rebound in house prices in many markets, with 43 of the top 50 markets showing month-over-month increases. However, it's uncertain if prices have bottomed out, as tight supply and demand drive prices higher.

Higher mortgage rates could still lead to price adjustments, and high-priced markets may be more susceptible to a downturn. Monitoring market dynamics is crucial, as real estate trends remain localized.

In Mesa County

• There are currently 483 active homes on the market in Mesa County. This is a 7% increase from 421 last week.

• The average sold price YTD is $431,119 and the median sold price YTD is $389,900.

• There have been 59 price reductions in the last 7 days.

• There have been 186 new listings in the last 7 days.

• There have been 91 pending listings in the last 7 days.

NATIONAL MARKET UPDATE
 

The National Association of Realtor’s June Pending Home Sales index of signed contracts on existing homes saw its first gain since February. The NRA noted, “The recovery has not taken place, but the housing recession is over.”

New Home Sales posted a small decline in June after increasing three straight months. But the trend is upward, with sales 28.4% above last July’s low. Plus, the median sale price is 16.4% down from its peak late last year.

The national Case-Shiller Home Price Index rose a tick in May, but is still down slightly from last June’s peak. May’s FHFA index of prices for homes bought with conforming mortgages was up a bit and bested its high set last June.

Here is a link to listen to my music!

Note: If you are receiving this unexpectedly it is because you have been placed on a limited distribution of friends and colleagues that I respect and believe will benefit from what