Good Monday Morning!

The statistics for July home sales in Lane County just came out. The statistics show us what appears to be a fairly healthy home sales market in all categories, with the exception of the increasing inventory of homes for sale. The numbers show that home sales increased, that pending sales increased, and that there was only a moderate increase in home values. All of these are positive signs. The reality is that for anyone who works and is deeply involved with home sales in our local area, these numbers are not showing the true market. When we see the home sales numbers for August, maybe we will see a market reflection that is more indicative of the current state of home sales in Lane County. What I am seeing is a rapidly slowing market, far less home buyer enthusiasm, and one that reminds me of the last big dip in our local market in 2008–2010. Hopefully, this is just a short blip in the market, but I have to wonder if this is the beginning of a serious market downturn. The culprit here is the economy. Inflation has driven up home prices and, at the same time, kept mortgage interest rates higher. Inflation has also eaten up the average person's and their family’s money reserves and decreased their spending ability because of the increased living costs. Without some relief from inflation and mortgage interest rates, the housing market may continue to slide. There is a national shortage of housing, so any relief from inflation and higher mortgage interest rates could certainly bring about another housing boom. Time will tell which direction this market goes! Here are the home sales statistics for Lane County in July 2024.

New Listings

New listings (507) increased 10.9% from the 457 listed in July 2023, and increased 0.8% from the 503 listed in June 2024.

Pending Sales

Pending sales (385) decreased 1.0% from the 389 offers accepted in July 2023, and increased 0.5% from the 383 offers accepted in June 2024.

Closed Sales

Closed sales (361) increased 4.6% from the 345 closings in July 2023, and increased 13.2% from the 319 closings in June 2024.

Inventory and Time on Market

Inventory decreased to 2.5 months in July. Total market time increased to 48 days.

Year-to-Date Summary

Comparing the first seven months of 2024 to the same period in 2023, new listings (3,087) increased 7.9%, pending sales (2,354) increased 2.7%, and closed sales (2,116) increased 2.2%.

Average and Median Sale Prices

Comparing 2024 to 2023 through July, the average sale price has increased 1.9% from $467,800 to $476,800. In the same comparison, the median sale price has increased 1.9% from $431,000 to $439,300.

Have An Awesome Week!

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

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AND HERE'S YOUR MONDAY MORNING COFFEE!!