Good Monday Morning!

The national economy that is being negatively effected by high inflation rates, continues to take it's toll on the housing industry. Higher mortgage interest rates coupled with home buyers purchase power dwindling has pushed housing sales downward for 9 straight months. There have been some small windows of hope. Recently, mortgage interest rates have declined and provided a window of opportunity for home buyers. Some of the decline in home sales nationally is also seasonal. Home sales over the next several months will pave the way for 2023. We will be watching closely and reporting to you. Here is an article from "Realtor.com" that goes over October national home sales numbers.

The supply of new homes for sale rose 1.5% between September and October, equating to a 8.9-month supply at the current sales pace. This is up from a 5.7-month supply in January.

Regionally, sales rose sharply in the Northeast and the South but dropped in the Midwest and the South.

Big picture: New home sales continue to buck the trend in many housing indicators. With the Federal Reserve continuing to raise interest rates, mortgage rates have hit 20-year highs and affordability has been declining. There could be some buyers rushing to complete purchases before homes get even more expensive. Other analysts point to a high cancellation rate for new home sales that is not reflected in the data.

Looking ahead: “The median and average new home price delivered was sharply higher in October, suggesting the high-end consumer has been able to withstand the increase in mortgage payments. Overall, while the rebound was encouraging, this report does little to change the outlook that housing will remain a drag on economic growth for several more quarters,” said economists at Contingent Macro.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

5427 Royal Ave, Eugene, OR 

Price: $1,500,000    Beds: 4    Baths: 3.0    SqFt: 3218

One of a kind property. This close-in home and property has an 80' X 120' riding arena with 8 stalls, 24' X 40' small barn and tac room with 3 stalls, 40' X 100' barn with 10 stalls and 600 sq.ft. apartment. Arena and apartment building are Butler b...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!