The demand for purchase mortgages has declined for the fifth consecutive week, even after adjusting for seasonal factors.

This decline in demand coincides with the increase in mortgage rates, which have reached record highs for the year.

Even with increasing rates and low buyer demand, the real estate industry is in a healthy place. As you can see below, only 9% of all mortgages have an interest rate over 5%.

In Mesa County

• There are currently 471 active homes on the market in Mesa County. This is a 1% increase from 462 last week.

• The average sold price YTD is $431,637 and the median sold price YTD is $389,500.

• There have been 94 price reductions in the last 7 days.

• There have been 103 new listings in the last 7 days.

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

NATIONAL MARKET UPDATE
 

Following the June decline, Housing Starts shot back up 3.9% in July—5.9% higher than a year ago. Plus, single-family starts gained 6.7% for the month—9.5% year-over-year—good news about these much-needed units..

July Building Permits only eked out a 0.1% gain over June, but builders already have their hands full, with a near record number of projects in the pipeline. But they remain cautious, their confidence index slipping in August.

An online real estate database reported the value of all U.S. real estate hit an all-time high of $46.8 trillion in June. Baby boomers dominate other generations, holding $18 trillion of that housing wealth.

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