Home Inventory Is Still An Issue In Today's Market
Good Monday Morning!
There have not been any huge market changes in the Eugene and Springfield housing market over the past several months, but the overall market is in decline here as it is nationally. Nationwide home inventories are an issue and are currently at slightly over two months of inventory. In the Eugene and Springfield area those inventories of homes for sale are slightly over 2 weeks of inventory. This situation may not change any time soon and homebuyers will continue to struggle with finding a home because of it. If there is a bright spot in all of this, homeownership remains the safest place for your money during high inflation and poor economic times. If you are wanting to purchase a home, be patient. We are finding great homes for all of our buyers in this market. If you are wanting to purchase a home, don't procrastonate and don't be shy about this market. Waiting could cost you thousands of dollars. Here is an article with a national Real Estate market report from "Realtor.com".
The numbers: Existing-home sales fell 2.4% to a seasonally adjusted annual rate of 5.61 million in April, the National Association of Realtors said Thursday. Compared with April 2021, home sales were down 5.9%.
Economists polled by the Wall Street Journal had expected an decrease to 5.64 million units.
This is the third straight monthly decline and comes as mortgage rates have spiked and prices have risen.
Key details: Scarcity of homes for sale continued to be a major factor. The total inventory of homes for sale was 1.03 million units, down 10.4% from one year ago.
Expressed in terms of the months-supply, there was a 2.2-month supply of homes for sale in April. Before the pandemic, a 4-month supply was more the norm.
The median price for an existing home was an all-time high of $391,200, up 14.8% from April 2021.
Homes remained on the market for 17 days on average.
Regionally, sales rose in the Northeast and Midwest and sank in the South and the West.
All-cash transactions made up 26% of all transactions. About 28% of homes were sold to first-time home buyers.
What NAR is saying? “I expect further declines in home sales,” said Lawrence Yun, the National Association of Realtors’ chief economist, in a discussion with reporters. Mortgage rates are rising and supply remains low., he noted. There is less incentive for homeowners to list their properties because they would lose their super-low mortgage rates.
Market reaction: Stocks opened lower on Thursday on continued growth concerns. The yield on the 10-year Treasury note fell to 2.8% on flight-to-safety trading.
The numbers: Existing-home sales fell 2.4% to a seasonally adjusted annual rate of 5.61 million in April, the National Association of Realtors said Thursday. Compared with April 2021, home sales were down 5.9%.
Economists polled by the Wall Street Journal had expected an decrease to 5.64 million units.
This is the third straight monthly decline and comes as mortgage rates have spiked and prices have risen.
Market reaction: Stocks opened lower on Thursday on continued growth concerns. The yield on the 10-year Treasury note fell to 2.8% on flight-to-safety trading.
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