Home Sales Numbers for Eugene and Springfield May 2010
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Good Monday Morning! The statistics are in for home sale activity for the Eugene and Springfield area for the month of June 2010. It is not surprising that home sales posted a gain over the same period in 2009. Sales were up a whopping 14.3% over last June. Pending sales also saw an increase and jumped by 22.2% over June of 2009. At the same time new listings increased as well and were up by 7.7% with the overall home inventory remaining exactly the same as May of 2010 at 7.2 month of active inventory. Also, closed sales in June were up over May of this year by 4.7%. The median home price continues its decline and was down by 3.1% over June of 2009. These numbers are not shocking as we watched homebuyers scurry to get their home sales completed before the tax credit deadline at the end of June. The tax credit close date has been extended, but it was a last minute gesture. My take on the current market is that we are now witnessing a sharp decline in sales following the tax credit offering. Whether we see any kind of rebound or not in the near future is hard to determine. Look for an overall trend of slower home sales in all price ranges and a continuation of the decline in home prices. This overall trend could continue for another 18 months to two years. Look for home inventories to go on the rise again putting even further pressure on home prices. Upper end home sales continue to lag well behind the sub $200,000 market and this trend will most likely continue as well. Appraisals continue to be a problem. This is common in a market with declining home prices and it puts an additional strain on values. The bright spot is the fact that mortgage interest rates continue to be at historic low levels. This trend should continue into the near future as well. Have An Awesome Week! THIS WEEKS HOT HOME LISTING!
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