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The Housing Market Slows As Home Prices Continue To Rise

Good Monday Morning!

The numbers are in for home sales in the Eugene and Springfield area for July of 2022.  The numbers show that the market is beginning to show some real signs of change.  The number of new home listings is down, the number of new home sales is down, time on the market in increasing and the inventory of homes for sale is creeping upwards.  The interesting thing is that even with the home market slow down, home prices continue to rise.  This is caused by a situation called stagflation, where home price inflation hits as the market slows.  Right now the overall economy of our area and the nation is having the largest effect on our housing market as mortgage interest rates have actually relaxed some over the past several weeks.  All indications are that the slowing trend in the housing market will continue both nationally and locally.  Remember though, with each different kind of market, some opportunities disapear as new ones come into play.  Here is the report on home sales in Lane County for July of 2022.

New listings (571) decreased 6.7% from the 612 listed in July 2021, and decreased 9.7% from the 632 listed in June 2022.

Pending sales (452) decreased 12.7% from the 518 offers accepted in July 2021, and increased 2.7% from the 440 offers accepted in June 2022.

Closed sales (396) decreased 20.6% from the 499 closings in July 2021, and decreased 14.8% from the 465 closings in June 2022.

Inventory and Market Time

Inventory increased to 1.6 months in July. Total market time increased to 22 days.

Year-To-Date Summary

Comparing the first seven months of 2022 to the same period in 2021, new listings (3,635) increased 0.3%, pending sales (2,930) decreased 5.5%, and closed sales (2,724) decreased 2.8%.

Average and Median Sale Prices

Comparing 2022 to 2021 through July, the average sale price has increased 13.0% from $422,000 to $476,900. In the same comparison, the median sale price has increased 11.5% from $390,000 to $435,000.

Have An Awesome Week!

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

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AND HERE'S YOUR MONDAY MORNING COFFEE!!

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