Currently, the average 30-year fixed mortgage rate is at 7.49%.

7.5% would be a new 22-year high!

Luckily, the market has continued to show resilience even with 7% mortgage rates. With inventory in Mesa County still below 500, it’s safe to say that prices will remain stable for the foreseeable future.

In Mesa County

• There are currently 496 active homes on the market in Mesa County. This is a slight increase from 491 last week.

• The average sold price YTD is $432,670 and the median sold price YTD is $390,000.

• There have been 99 price reductions in the last 7 days.

• There have been 89 new listings in the last 7 days.

• There have been 73 pending listings in the last 7 days.

NATIONAL MARKET UPDATE

Sales of existing homes dipped a tiny 0.7% in August, the third straight month of declines. Tight inventory is the culprit, both hurting sales and nudging the median price up modestly, now 3.9% ahead of a year ago.

Housing starts sank 11.3% in August, mostly due to a 26.3% drop in multi-units. Single-family starts are actually up 2.4% the past year, as more buyers turn to new builds. And permits posted a gain, so the future looks good.

Buyer demand continues. The Mortgage Bankers Association reports purchase loan applications rose last week a seasonally adjusted 2.0% versus the week before, the second week in a row of increased mortgage applications.

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-