September 19th: Real Estate Summary

Locally, our active inventory levels dropped for the first time in 3-4 months. (Only by 4%) Last year at this time, we had around 400 active listings on the market at any given time. That means our active inventory is up over 30% year over year.

Similarly, the National Association of Realtors reports active housing market inventory continues to grow, up 27% from a year ago. Versus last year, shoppers have more homes to consider, although inventory still isn’t back to pre-pandemic levels.

Prior to covid, Mesa County was around 650-700 active homes at any given time. We are still below those levels but have been creeping up. 

The increase in rates will continue to dampen demand and put downward pressure on home prices. While home price declines will likely continue, they should not be large since inventory levels remain inadequate. 

In Mesa County

• There are currently 577 active homes on the market in Mesa County. This is a 4 percent decrease compared to last week

• The average sold price YTD $429,496 and the median sold price YTD is $387,200.

• There have been 126 price reductions in the last 7 days.

• The average DOM for the active homes is 60.

Last Weeks New Listings

Last Weeks Sold Listings

Last Week:

INFLATION STRIKES BACK... Just when we thought the inflation surge was over, the August Consumer Price Index (CPI) went up. Stocks tanked, as traders feared this would spark more aggressive Fed rate hikes and a resulting recession.

The 0.1% CPI gain would have been bigger if gas prices hadn't dipped for the month (though they're still way up for the year), because other prices increased sharply, notably food and shelter, both up 0.8% for the month.

August Retail Sales ticked ahead 0.3%, driven by inflation. Thanks to lower gas prices, University of Michigan Consumer Sentiment stopped dropping, but it's still historically low, with uncertainty over inflation the highest since 1982.

The week ended with the Dow down 4.1%, to 30,822; the S&P 500 down 4.8%, to 3,873; and the Nasdaq down 5.5%, to 11,448.

Also hating inflation, bonds followed stocks south, the 30-year UMBS 5.0% down 0.98, to $99.18. In Freddie Mac's Primary Mortgage Market Survey, the national average 30-year fixed mortgage rate rose 13 basis points (0.13%). Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information.

DID YOU KNOW… Realtor.com reports the best time to buy a house in 2022 will be September 25 through October 1. Traditionally, there are about 8.4% more homes for sale, priced an average of $20,000 less than usual.

Stocks Before The Bell

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