Zillow is betting BIG on the housing market.

Last week they introduced their 1% down mortgage program.

They Predict:

7.5% mortgage rates won't halt home price growth.

U.S. home prices will rise 6.5% between July 2023 and July 2024.

I know what you’re probably thinking. “But Keenan, realtors say to never trust Zillow.”

Zillow has 43% of the market share of all online traffic. They also own and operate other top companies in the industry like ShowingTime, Trulia, Mortgages, etc.

If a leading entity in the housing sector is fully committing to the real estate market, I believe it serves as a strong indicator of future developments.

In Mesa County

• There are currently 485 active homes on the market in Mesa County. This is a 2% increase from 471 last week.

• The average sold price YTD is $431,803 and the median sold price YTD is $389,900.

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

• There have been 96 new listings in the last 7 days.

• There have been 83 pending listings in the last 7 days.

NATIONAL MARKET UPDATE
 

After slipping slightly in June, sales of new single-family homes moved up 4.4% in July, and are now 31.5% higher than a year ago. Good news for buyers, the median sale price is down 12.1% from its peak last year.

Also down were existing home sales, off 2.2% from June to July, thanks the tight inventories. But good news here for buyers, the median price was barely ahead of a year ago.

The inventory of homes for sale is finally ticking up. Last week saw a decent weekly gain in single-family listings of almost 1%, and analysts expect inventories will keep climbing into September.

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