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The Real Estate Market Is Shifting

Good Monday Morning!

The statistics are in for home sales in Lane County for August of 2022.  As you can see, there was not significant change from July of 2022.  Remember, the sales numbers are reflective of the market 4-6 weeks prior to the close of escrow, which is what is being reported with these numbers.  The suprising fact to me was that the number of homes that are actively for sale declined.  This is not typical when the number of days it takes a home to sell increases.  When we see September home sales numbers 30 days from now, they may be more of an indication of where our home market is headed.  Nationally, home sales are dropping and home values are also in decline.  Americans lost 6.1 trillion dollars of wealth last month and most of this is the result of real estate values declining.  Most Americans wealth is tied to real estate. We are certainly transitioning from an extremely strong sellers market to a buyers market.  The next couple of months will give us a look at how deep that transition goes. Here are the home sales numbers for August 2022 in Lane County, Oregon.

Residential Highlights

New listings (497) decreased 17.2% from the 600 listed in August 2021, and decreased 13.0% from the 571 listed in July 2022.

Pending sales (458) decreased 16.6% from the 549 offers accepted in August 2021, and increased 1.3% from the 452 offers accepted in July 2022.

Closed sales (464) decreased 4.5% from the 486 closings in August 2021, and increased 17.2% from the 396 closings in July 2022.

Inventory and Market Time

Inventory decreased to 1.2 months in August. Total market time increased to 26 days.

Year-To-Date Summary

Comparing the first eight months of 2022 to the same period in 2021, new listings (4,137) decreased 2.3%, pending sales (3,368) decreased 7.1%, and closed sales (3,196) decreased 3.3%.

Average and Median Sale Prices

Comparing 2022 to 2021 through August, the average sale price has increased 11.7% from $425,900 to $475,900. In the same comparison, the median sale price has increased 11.4% from $392,000 to $436,800.

Have An Awesome Week!

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


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