Good Monday Morning!

Home sales in the Eugene and Springfield area remain strong and the inventory of homes for sale also remains at a historic low level.  Just as it has been for several months, the climate for home sellers could not be better.  High sales prices and short market times are the norm.  As I have repeatedly said, this market will not last forever.  Markets like this can change almost over night.  If you are considering selling your home within the next few months or within the year, don't wait.  Get your home on the market now if you want to take advantage of this seldom seen housing market.  The following article addresses the housing market nationally and gives you look at what is happening outside of our local market.

The National Association of REALTORS® reported Thursday that pending home sales—a forward-looking indicator based on contract signings—dipped 2.2% in September month over month. But contract signings are still up 20.5% compared to a year ago, which shows the fall housing market continues to be unseasonably hot this year amid the pandemic.

All four major regions of the U.S. posted double-digit year-over-year gains in pending home sales activity, led by the Northeast with a 27.7% annual increase.

“The demand for home buying remains super strong, even with a slight monthly pullback in September, and we’re still likely to end the year with more homes sold overall in 2020 than in 2019,” says Lawrence Yun, NAR’s chief economist. “With persistent low mortgage rates and some degree of continuing jobs recovery, more contract signings are expected in the near future.”

Yun predicts a second wave of home sales on the horizon as homeowners who had not considered moving prior to the pandemic begin to enter the market. “A number of these owners are contemplating moving into larger homes in less densely populated areas in light of newfound work-from-home flexibility,” he says.

Realtor.com®’s Housing Market Recovery Index shows that the metro areas that have recovered to their pre-pandemic levels or even above (as of Oct. 10) are Seattle-Tacoma-Bellevue, Wash.; Boston-Cambridge-Newton, Mass.-N.H.; Los Angeles-Long Beach-Anaheim, Calif.; Las Vegas-Henderson-Paradise, Nev.; and San Jose-Sunnyvale-Santa Clara, Calif.

NAR’s Pending Home Sales Index showed the following year-over-year gains in September broken down by region:

  • Northeast: +27.7%
  • Midwest: +18.5%
  • South: +19.6%
  • West: +19.3%

Have An Awesome Week!

Stay Safe, Stay Healthy!!

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AND HERE'S YOUR MONDAY MORNING COFFEE!!