July numbers are in and just as I predicted last month, the figures indicate a slight slowing of the housing market in the Eugene and Springfield area. Not only were total home sales down from June of this year, but they were also below the level of July 2015. I would expect to see this trend continue for the remainder of the year. As indicated by the increase in home values, there seems to be some price resistence beginning. When home prices increase faster than the economy, there will a market slow down as homes start to become harder to afford.
Lane County had another month of mixed activity in July. Pending sales (549) ended 4.8% ahead of July 2015 (524) but fell 1.1% short of the 555 offers accepted last month in June 2016.
New listings fared similarly—the 670 offered in July topped July 2015 (647) by 3.6%, but fell one short of the 671 offered last month in June 2016 (-0.1%).
Closed sales, at 418, ended 22.9% below July 2015 (542) and 20.2% below June 2016 (524). Even so, these 418 closings were stronger than the 390 closings posted two years ago in July 2014.
Year to Date Summary
Comparing the first seven months of 2016 to the same period of 2015, closed sales (2,833) have increased 3.8% and pending sales (3,359) have increased 5.6%. New listings (4,088) have decreased 4.1%.
Average and Median Sale Prices
Comparing 2016 to 2015 through July of each year, the average sale price rose 6.7% from $243,300 to $259,700. In the same comparison, the median sale price rose 6.5% from $220,000 to $234,400.
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