Good Monday Morning!

Home prices continue to rise in the Eugene and Springfield area as demand for housing hits a fevered pitch.  An extremely low inventory of homes for sale along with historic low mortgage interest rates are driving home prices higher in our local Real Estate market area and around the country.  This trend cannot last forever, but at this time I do not see a quick end to this market in our area.  As I have been saying for months, if you are considering the sale of your home, there is no better time to sell than right now.  This sellers market cannot last forever, so take advantage of it while you can.  The following is an article from "Realtor.com" that gives further details on our current natonal housing market.

The numbers: Home prices rocketed at a fast pace yet again in November, according to two separate indices released Tuesday, making it increasingly more difficult for buyers to navigate the housing market as many states began reopening businesses from shutdowns related to the coronavirus pandemic. Recent data suggest price appreciation should gain steam in the latter half of the year.

The S&P CoreLogic Case-Shiller 20-city price index posted a 9.1% year-over-year gain in November, up from 8% the previous month. On a monthly basis, the index increased 1.5% between October and November.

Additionally, the broader S&P CoreLogic Case-Shiller national price index, which covers the entire country, demonstrated a 9.5% gain year-over-year in November, up from 8.4% the prior month.

What happened: Prices rose in at least 19 of the 20 large cities tracked by Case-Shiller. Detroit, which is typically included in the 20-city index, was again excluded because of issues collecting data during previous coronavirus-related shutdowns.

Phoenix experienced the largest price increase for the 18th consecutive month with a 13.8% increase, followed by Seattle (12.7%) and San Diego (12.3%).

Separately, the Federal Housing Finance Agency released its own monthly home price index for November. According to that report, home prices were up 1% from the previous month and 11% from November 2019. This is the sixth consecutive month in which home prices have risen, and annual gains are now outpacing the price growth seen during the last housing boom before the Great Recession, said Lynn Fisher, deputy direction of the division of research and statistics at the FHFA.

The big picture: While there may be evidence that demand among home buyers is waning from the heights reached this summer — as evidenced by lower mortgage application volumes — it still remains very strong. Plus, the supply of homes for sales is all but exhausted. The lack of inventory should continue to fuel home-price increases for foreseeable future, especially in popular markets such as Phoenix and Boise, Idaho.

Have An Awesome Week!

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

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Price: $299,000    Beds: 2    Baths: 1.0    Sq Ft: 840

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AND HERE'S YOUR MONDAY MORNING COFFEE!!