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Mortgage Interest Rates Could Increase Again Very Soon

Good Monday Morning!

There is still major change taking place in the both the local and national Real Estate markets.  Last week inflation numbers came in at a 40 year high and were at 8.2%.  What this means for the Real Estate industry is that most likely the Fed will raise rates again in an attempt to put a lid on the high inflation rates.  This in turn will effect both the stock market and bond markets and may create more increases in mortgage rates.  We have to slow inflation, but increased mortgage rates are not what the housing industry needs at this time.  My strong suggestion is that if you are wanting to purchase or sell a home, don't wait.  Mortgage interest rates actually dropped slightly last week and the rates we see today may be the lowest we will have for many months.  If you are considering the sale of your home or wanting to purchase a home, contact me and I can go over a number of great ways to either buy or sell in this market.  There are opportunities out there right now that we have not seen in years.  

Here are the home sale numbers for Lane County in the month of September 2022.

New listings (426) decreased 14.5% from the 498 listed in September 2021, and decreased 14.3% from the 497 listed in August 2022. 

Pending sales (381) decreased 15.9% from the 453 offers accepted in September 2021, and decreased 16.8% from the 458 offers accepted in August 2022.

Closed sales (423) decreased 7.8% from the 459 closings in September 2021, and decreased 8.8% from the 464 closings in August 2022.

Inventory and Market Time

Inventory increased to 1.3 months in September. Total market time increased to 31 days.

Year-To-Date Summary

Comparing the first nine months of 2022 to the same period in 2021, new listings (4,572) decreased 3.8%, pending sales (3,723) decreased 8.0%, and closed sales (3,639) decreased 3.9%.

Average and Median Sale Prices

Comparing 2022 to 2021 through September, the average sale price has increased 11.5% from $428,600 to $477,900. In the same comparison, the median sale price has increased 11.6% from $394,400 to $440,000.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

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Price: $599,000    Beds: 7    Baths: 5.0    SqFt: 3100

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AND HERE'S YOUR MONDAY MORNING COFFEE!!

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