At the height of the mortgage rate shock last year, inventory soared by 118K homes in July '22. However, that inventory momentum quickly fizzled out. This July, inventory only ticked up by 33K homes. U.S. resale inventory remains tight—very tight.

In Mesa County, the increases in inventory over the last month can be attributed to the same seasonal trend as the rest of the country.

It will be interesting to track active inventory over the next few months.

Will it follow the seasonal trends and FALL? (Punny LOL)

Or…

Will 7% interest rates push buyer demand so low that inventory continues to increase?

In Mesa County

• There are currently 462 active homes on the market in Mesa County. This is a 1% increase from 457 last week.

• The average sold price YTD is $432,666 and the median sold price YTD is $390,000.

• There have been 81 price reductions in the last 7 days.

• There have been 121 new listings in the last 7 days.

• There have been 108 pending listings in the last 7 days.

NATIONAL MARKET UPDATE

Home prices are on the rise. The Black Knight Home Price Index (HPI) hit an all-time high in June. Nearly every major market saw monthly growth, with new peaks reached in 30 of the 50 largest metros.

Fannie Mae’s July Home Purchase Sentiment Index showed many still don’t feel it’s a good time buy, but “consumers are reporting confidence in…their personal financial situation,” and nearly 2 in 3 said it was a good time to sell.

Home builders were happy to see the supply of new building lots in Q2 hit the highest level in three years. 

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