As we stand on the brink of what some predict to be an economic downturn, the concept of "yield curve inversion" catches my attention as a historical indicator of recessions. It appears the Federal Reserve may have overstepped in their recent adjustments, yet there's a silver lining with the expectation that any potential recession will only marginally impact the housing market. The anticipation of mortgage rates falling to around 6% by year's end injects a dose of optimism into our discussions.

On the flip side, I'm closely monitoring some concerning trends: the spike in consumer credit card debt and plummeting personal savings rates pose significant risks. The "rate lock effect," stemming from the era of low mortgage rates, seems poised to restrict new listings, potentially tightening the market further and pushing home prices higher.

Equally troubling is the rising cost of homeowner's insurance, particularly in areas vulnerable to natural disasters, a situation worsened by the insurance industry's reluctance to adjust premiums to match increasing risks. 

Despite these hurdles, I  predict a "boring year" for the housing market, characterized by steady sales, minimal foreclosures, and modest price increases, suggests a period of stabilization. 

In Mesa County

There are currently 426 active homes on the market in Mesa County. This is a slight decrease compared to a week ago.

The average sold price YTD is $407,952 and the median sold price YTD is $370,000.

Mortgage Rates Today

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