RE Stats: 7/31-8/07

Currently, there are 457 active residential homes for sale in Mesa County.

At the beginning of July, there were 410 active listings. This is an 11% increase.

This is directly related to mortgage rates. Borrowers who closed in June and the beginning of July, were locked into rates in the low to mid 6% range. As we see rates stay in the 7% range, the inventory has been slowly climbing.

Long Story Short: It’s all About Rates

With only four months of inventory, we are still in a seller’s market. Historically, six months of inventory is considered a balanced/neutral market. In today’s current landscape, sellers need to be aggressive on their listing prices and know that the buyer demand is quite low.

In Mesa County

• There are currently 457 active homes on the market in Mesa County. This is a 4% increase from 438 last week.

• The average sold price YTD is $431,137 and the median sold price YTD is $389,900.

• There have been 98 price reductions in the last 7 days.

• There have been 122 new listings in the last 7 days.

• There have been 97 pending listings in the last 7 days.

Rates

Interest rates have been rising aggressively since 2022, as the Fed attempts to combat inflation.

This has led to near 23-year highs in mortgage rates, and while there have been occasional relief moments, sustained moderation will depend on economic data and inflation trends.

The upcoming Consumer Price Index (CPI) report on August 10th will be crucial in determining the direction of rates after a recent push towards long-term highs.

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