Real Estate Information Archive

Good Monday Morning!

It seems that maybe we are entering into a trend of improving home sales. The inventory of homes for sale also seems to be improving. The increase in the number of homes for sale could help keep the increase of home prices in check. If home inventories continue their upward trend, and at the same time mortgage interest rates continue to decline, the result should be an improving housing market nationwide. Efforts to control inflation could also begin to take effect, and this may also put more money in homebuyers' pockets. Look for a slow but steadily improving housing market over the next six months. The following is an article from "NAR".

Home sales are down from a year ago, but moderately lower mortgage rates this year could accelerate the market, says NAR Chief Economist Lawrence Yun.

The real estate market thawed in February after home sales froze during a frigid January. Contract signings, a gauge of future homebuying activity, jumped 2%last month, the National Association of REALTORS® reported Thursday. That follows an NAR report last week showing a 4.2% gain in existing-home sales in February.

The South, which bore the brunt of lower pending home sales in January, saw the strongest hike in February at 6.2%. Contract signings rose a modest 0.7% in the Midwest but fell 3% in the West and 0.9% in the Northeast.

Market dynamics are still regaining their footing, says NAR Chief Economist Lawrence Yun. “Despite the modest monthly increase, contract signings remain well below normal historical levels,” he says. “A meaningful decline in mortgage rates would help both demand and supply—demand by boosting affordability, and supply by lessening the power of the mortgage rate lock-in effect.”

NAR projects mortgage rates to fall moderately this year, averaging 6.4% in 2025 and 6.1% in 2026, as the Federal Reserve forecasts slower economic growth. “The current high national debt will prevent mortgage rates from falling drastically—and certainly not to the 4%-to-5% range seen during President Donald Trump’s first term,” Yun says.

If that’s not enough to get your clients off the sidelines, try talking about soaring home equity. Yun said at NAR’s Real Estate Forecast Summit last week that sharing with clients the disparity in median net worth between homeowners and renters—$400,000 versus $10,000, respectively, according to NAR data—can be a strong motivator.

Inventory also is rising, which is another motivating factor for home buyers. NAR predicts existing-home sales will rise 6% in 2025 and 11% in 2026. And the new-home market continues to offer robust inventory—and savings in the form of builder incentives; NAR predicts new-home sales will rise 10% in 2025 and 5% in 2026. The association expects the national median home price to increase 3% in 2025 and 4% in 2026.

Home price growth will moderate due to more supply coming onto the market,” Yun says.

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Price: $529,900    Beds: 4    Baths: 3.0    Sq Ft: 2085

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Good Monday Morning!

One of the largest obstacles that home buyers have dealt with for several years is the lack of inventory of homes for sale. A typical healthy home sales market for both home buyers and sellers will have from 5 to 6 months of home inventory. We have not had anything close to that kind of inventory both locally and nationally for many years. A recent bright spot in both the local and national housing markets is that the inventory of homes has started to increase. The current inventory of homes for sale in Lane County now stands at 3.1 months, and this is the highest home inventory we have seen in over a year. Part of the issue with our local inventory is the lack of new homes on the market. A decade ago, Eugene alone would see the number of building permits issued be near a thousand per year. Last year it stood at just over 100 new home building permits. This level of new home construction cripples any housing market. Even without many new homes, our local home inventory could continue to climb. We can only hope that the recent trend continues. The following is a recent article from NAR that talks about the recent increase in homes for sale on a national scale.

As the spring thaw sets in, new housing momentum is “flashing encouraging signs” for the market, says NAR Chief Economist Lawrence Yun.

A notable uptick in housing inventory nationwide may be pulling the real estate market out of a long winter hibernation.

Total existing-home sales, which account for completed transactions for single-family homes, townhomes, condos and co-ops, rose 4.2% month over month in February, the National Association of REALTORS® reported Thursday.

“Home buyers are slowly entering the market,” even as mortgage rates and home prices appear frozen at elevated levels, says NAR Chief Economist Lawrence Yun. “More inventory and choices are releasing pent-up housing demand.” 

Existing-home inventory climbed 5.1% month over month in February and is up 17% from a year ago, NAR reports. Also adding to the housing supply, single-family construction rose 11.4% last month, reaching the highest pace in a year, the Commerce Department reports.

It was a frigid winter for the U.S., which helped soften foot traffic among home buyers. But as the spring thaw begins, “the momentum for home sales is flashing encouraging signs,” Yun adds.

Home Prices Remain Strong

The median price for an existing home increased 3.8% to $398,400 in February, NAR data shows. All four major regions of the U.S. recorded price gains last month, led by a 10.4% annual increase in the Northeast.

“Each one percentage point gain in home price translates into an approximately $350 billion increase in housing equity for American property owners,” Yun says. “That means a gain of nearly $1.3 trillion in home value appreciation at a time when the stock market is undergoing a correction.”

He adds that the recent uptick in inventory shouldn’t dampen home prices. “The ongoing housing shortage, coupled with historically low mortgage default rates, implies a solid foundation for home values,” Yun says.

Some home sellers may be leveraging their equity in the next home purchase. Cash sales comprised about a third of home sales in February, continuing to command a historically high share of the market. Individual investors and second-home buyers comprise a sizable portion of cash sales, purchasing 16% of homes in February, which is down from 21% a year ago, NAR reports.

Housing Affordability Headwinds Continue

With high home prices and mortgage rates in the mid-6% range, home buyers may need to dig deeper in their pockets to complete a home purchase. Despite affordability challenges, first-time home buyers comprised 31% of existing-home sales in February, up from 24% a year earlier, according to NAR. As housing inventory rises, so is the share of first-time home buyers.

Overall, buyer demand remains strong despite cost pressure. Twenty-one percent of homes sold above list price last month, according to the REALTORS® Confidence Index, which is based on NAR members’ most recent transactions. The average home on the market received 2.3 offers in February, and about 50% of agents say their listings sold in less than a month.

For buyers facing budget concerns, home builders are offering incentives to compete: Nearly 60% of builders in March used sales incentives, such as covering closing costs, design credits or mortgage-rate buydowns, the National Association of Home Builders reports. Also, 29% of builders cut their prices in March, with an average 5% price reduction.  

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

2250 Turnberry Ct, Eugene, OR 

Price: $1,250,000    Beds: 5    Baths: 3.5    Sq Ft: 4053

Nestled in the highly desirable Oakway neighborhood of Eugene, Oregon, this beautifully updated single-family home offers the perfect blend of modern upgrades and timeless charm. Featuring an open floor plan with abundant natural light from expansiv... View this property >> 

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Good Monday Morning!

Yes, mortgage loan rates have declined a bit, and it looks as if this is making a difference in the number of would-be home buyers jumping into the market. With rates in the mid-6% range, buyer interest is certainly picking up. We may be looking at some further rate decreases, but at this time my guess is that rates will remain near the current level for most of 2025. Here is a recent article from "NAR" that talks about the current market and mortgage rate changes.

Loan applications are on the rise as mortgage rates settle into the mid-6% range.

Mortgage rates are settling near the mid-6% range, tempting prospective home buyers, who are applying for mortgages in greater numbers.

Mortgage applications to purchase a home—a gauge of future homebuying activity—rose 7% in the latest week and are 4% higher than a year ago, the Mortgage Bankers Association reports.  

“Mortgage applications continue to rise as buyers capitalize on lower rates and increased [housing] inventory,” says Jessica Lautz, deputy chief economist at the National Association of REALTORS®. “The days on market have lengthened, allowing buyers to view homes and submit competitive offers. Inflation has also decreased this week, possibly making it a bit easier to save for a home.”  

Still, housing inventory remains tight, which means buyers are facing competition for properties. Bidding wars are still present, and the typical home seller received an average of 2.6 offers on their home last month, according to the REALTORS® Confidence Index.  

Greater Loan Options, Bigger Loans

Mortgage application activity for home purchases was up across all loan categories last week, says MBA Chief Economist Joel Kan. Government purchase applications posted an 11% increase, which Kan says was helped by the FHA loan rate dropping to 6.34%.  

But amid higher home prices, average loan sizes are climbing to new highs. The average purchase loan amount rose to $460,800—the highest ever recorded, according to MBA data.  

The 30-year fixed-rate mortgage averaged 6.65% this week, Freddie Mac reports. “Mortgage rates continue to be relatively low versus the last few months, and home buyers have responded,” says Sam Khater, Freddie Mac’s chief economist. “The combination of modestly lower mortgage rates and improving inventory is a positive sign for home buyers in this critical spring homebuying season.”

At this week’s average rate, the monthly mortgage payment would translate to $2,054 for a home priced at $400,000, assuming a 20% down payment, Lautz says. With a 10% down payment, the typical payment would be $2,311 per month.  

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THIS WEEKS HOT HOME LISTING!

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Price: $2,670,000    Beds: 4    Baths: 3.0    Sq Ft: 5433

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Good Monday Morning!

February saw what I would call a bit of a setback with home sales in the Eugene and Springfield area. All sales categories were down from February of 2024. This includes pending home sales. Pending home sales indicate current market conditions and also reflect on where home sales will be in the next month. When we see pending sales decline, it is a true indication of the current direction of both the current and coming home market. It would appear that the housing market in Eugene and Springfield may continue to be sluggish, and any recovery could remain months away. Here are the numbers for February 2024 home sales in Lane County.

New Listings

New listings (324) decreased 9.0% from the 356 listed in February 2024, and decreased 4.7% from the 340 listed in January 2025.

Pending Sales

Pending sales (286) decreased 14.6% from the 335 offers accepted in February 2024, and increased 0.7% from the 284 offers accepted in January 2025.

Closed Sales

Closed sales (221) decreased 7.1% from the 238 closings in February 2024, and decreased 4.7% from the 232 closings in January 2025.

Inventory and Time on Market

Inventory increased to 3.1 months in February. Total market time decreased to 68 days.

Year-to-Date Summary

Comparing the first two months of 2025 to the same period in 2024, new listings (668) increased 4.4%, pending sales (554) decreased 5.3%, and closed sales (457) increased 9.1%.

Average and Median Sale Prices

Comparing 2025 to 2024 through February, the average sale price has increased 0.9% from $466,100 to $470,400. In the same comparison, the median sale price has decreased 1.2% from $425,000 to $420,000.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

2250 Turnberry Ct, Eugene, OR 

Price: $1,250,000    Beds: 5    Baths: 3.5    Sq Ft: 4053

Nestled in the highly desirable Oakway neighborhood of Eugene, Oregon, this beautifully updated single-family home offers the perfect blend of modern upgrades and timeless charm. Featuring an open floor plan with abundant natural light from expansiv... View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Sales of previously owned homes slowed down in January amid higher mortgage rates, setting a disappointing tone for the start of the new year.

Existing-home sales dropped 4.9% last month from December, to a seasonally adjusted annual rate of 4.08 million, the National Association of Realtors® reported Friday. However, the January sales figure was up 2% from the same month a year earlier.

Home prices continued to rise on an annual basis, with the median sales price for all existing housing types at $396,900 in January, up 4.8% from one year ago.

Sales of previously owned homes slowed down in January amid higher mortgage rates, setting a disappointing tone for the start of the new year.

Existing-home sales dropped 4.9% last month from December, to a seasonally adjusted annual rate of 4.08 million, the National Association of Realtors® reported Friday. However, the January sales figure was up 2% from the same month a year earlier.

Home prices continued to rise on an annual basis, with the median sales price for all existing housing types at $396,900 in January, up 4.8% from one year ago.

Supply of homes for sale rises as spring approaches

The supply of previously owned homes for sale rose last month, sending a potentially friendly signal to buyers as the spring selling season approaches.

Total housing inventory for sale was 1.18 million units at the end of January, up 3.5% from December and 16.8% higher than one year ago. 

Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in December and 3.0 months a year earlier.

“More housing supply allows strongly qualified buyers to enter the market,” Yun says. “But for many consumers, both increased inventory and lower mortgage rates are necessary for them to purchase a different home or become first-time homeowners.”

Sales remain flat in Midwest, fall elsewhere

In January, existing home sales were unchanged from December at an annual rate of 1 million, up 5.3% from the previous year. The median home price in the Midwest was $290,400, up 7.2% from January 2024.

Sales fell in the other regions on a monthly basis, led by the West, where they slumped 7.4% in January to an annual rate of 750,000, up 1.4% from a year ago. The median price in the West was $614,200, up 7.4% from January 2024.

In the South, sales fell 6.2% from December to an annual rate of 1.83 million in January, identical to one year earlier. The median price in the South was $356,300, up 3.5% from last year.

In the Northeast, existing-home sales dropped 5.7% from December to 500,000 annualized, up 4.2% from January 2024. The median price in the Northeast was $475,400, up 9.5% from one year earlier.

Sales of previously owned homes slowed down in January amid higher mortgage rates, setting a disappointing tone for the start of the new year.

Existing-home sales dropped 4.9% last month from December, to a seasonally adjusted annual rate of 4.08 million, the National Association of Realtors® reported Friday. However, the January sales figure was up 2% from the same month a year earlier.

Home prices continued to rise on an annual basis, with the median sales price for all existing housing types at $396,900 in January, up 4.8% from one year ago.

Sales of previously owned homes slowed down in January amid higher mortgage rates, setting a disappointing tone for the start of the new year.

Existing-home sales dropped 4.9% last month from December, to a seasonally adjusted annual rate of 4.08 million, the National Association of Realtors® reported Friday. However, the January sales figure was up 2% from the same month a year earlier.

Home prices continued to rise on an annual basis, with the median sales price for all existing housing types at $396,900 in January, up 4.8% from one year ago.

Supply of homes for sale rises as spring approaches

The supply of previously owned homes for sale rose last month, sending a potentially friendly signal to buyers as the spring selling season approaches.

Total housing inventory for sale was 1.18 million units at the end of January, up 3.5% from December and 16.8% higher than one year ago. 

Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in December and 3.0 months a year earlier.

“More housing supply allows strongly qualified buyers to enter the market,” Yun says. “But for many consumers, both increased inventory and lower mortgage rates are necessary for them to purchase a different home or become first-time homeowners.”

Sales remain flat in Midwest, fall elsewhere

In January, existing home sales were unchanged from December at an annual rate of 1 million, up 5.3% from the previous year. The median home price in the Midwest was $290,400, up 7.2% from January 2024.

Sales fell in the other regions on a monthly basis, led by the West, where they slumped 7.4% in January to an annual rate of 750,000, up 1.4% from a year ago. The median price in the West was $614,200, up 7.4% from January 2024.

In the South, sales fell 6.2% from December to an annual rate of 1.83 million in January, identical to one year earlier. The median price in the South was $356,300, up 3.5% from last year.

In the Northeast, existing-home sales dropped 5.7% from December to 500,000 annualized, up 4.2% from January 2024. The median price in the Northeast was $475,400, up 9.5% from one year earlier.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

2250 Turnberry Ct, Eugene, OR 

Price: $1,250,000    Beds: 5    Baths: 3.5    Sq Ft: 4053

Nestled in the highly desirable Oakway neighborhood of Eugene, Oregon, this beautifully updated single-family home offers the perfect blend of modern upgrades and timeless charm. Featuring an open floor plan with abundant natural light from expansiv... View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!