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- September 6th: Real Estate Summary
September 6th: Real Estate Summary
Keenan Coit, Coldwell Banker Distinctive Properties
Keenan Coit
August 29, 2022
Why I expect the housing market to correct, but not crash:
Mortgage credit quality has historically never been better! The percentage of loans that are delinquent and in foreclosure are at record lows.
We will definitely see some months in the near future where prices go down. Real estate is still predicted to be up around 3.8% in 2023 but this number has continued to decline month after month.
With how expensive prices have become, the real estate market is going to be dictated by mortgage rates. And with them currently at 6.25%, I see the market continuing to soften.
In Mesa County
There are currently 592 active homes on the market in Mesa County. This is a 1 percent increase compared to last week
The average sold price YTD $428,402 and the median sold price YTD is $385,000.
There have been 129 price reductions in the last 7 days.
The average DOM for the active homes is 55.
National Headlines
In July, total residential construction spending fell 1.5% below June’s revised estimate, to a $920.4 million annual rate. However, that number is still 14.1% above where residential spending was in July a year ago.
June saw the smallest monthly home price gains in two years. Both the Case-Shiller index, up 0.3%, and the FHFA index for homes financed with conforming mortgages, up just 0.1%, came in with sharp decelerations.
And July saw price gains reverse in Black Knight’s home price index. They reported the median U.S. home price slid 0.77%--the first monthly drop in nearly three years and the largest one-month decline in more than 11 years.
On Friday, 09/09, I will officially be releasing the entire album. Here is an invitation to my album release party where I will perform it live and have a merchandise stand. It's going to be epic. Thanks for your support!
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