Eugene Oregon Real Estate Blog

Good Monday Morning!

I am talking to would be home buyers daily who are fearful of pulling the trigger on a home purchase.  Yes, mortgage interest rates are up, but at the same time, home prices in many price ranges are soft.  The competitive housing market that we had earlier this year is gone.  Each day, I see a multitude of price reductions being entered into MLS.  This is a strong indicaton of a softening housing market.  I beleive that we are on the edge of even higher mortgage rates, but right now your ability to purchase a home at a lower price than ealier in the year is extremely likley.  In fact the price you may pay for a home today may completely offset any increase in mortgage rates.  The other thing that I would like to mention is the fact that inflation is roaring and may not subside for some time.  Where is the best place to have your money during times of high inflation, it's homes and land.  Your investment into a home for your private residence, vacation home or even better an income producing property, could be the wisest investment you make right now.  Real Estate is an extemely safe investment long term.  Don't listen to the hype that this is not the time to purchase real estate.  Listening to this could cost you dearly!

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!!

Good Monday Morning and Happy Labor Day!

Inflation numbers continue to plague our national economy and this is certainly having an effect on the housing market. Fears of the Fed taking measures to slow inflation with higher interest rates has slowed consumer confidence and this along with mortgage interest rates rising again, home sales have slowed both locally and nationally.

If you are considering the purchase of a home, don't let this current market scare you off. If you look at the 30 year average of 8 1/2% for mortgage interest rates, today's rates still look very favorable.  The inventory of homes on the market is much more favorable than it was back in the Spring and home buyers no longer have to get into bidding wars with other buyers.  The truth is that for home buyers, right now is a much more favorable market that what they faced earlier this year.  The time for buyers to jump in is now.  It may be a while before we see a market for home buyers like this again.  Here is a recent report on the national housing market from "Realtor.com."

The 30-year fixed-rate mortgage averaged 5.66% as of Sept. 1, according to data released Thursday by Freddie Mac. That’s up 11 basis points from the previous week — one basis point is equal to one hundredth of a percentage point, or 1% of 1%.

The 30-year is at the highest level since June, when rates hit 5.81% the week of June 23.

The average rate on the 15-year fixed-rate mortgage rose 13 basis points over the past week to 4.98%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.51%, up 15 basis points from the prior week.

“The market’s renewed perception of a more aggressive monetary-policy stance has driven mortgage rates up to almost double what they were a year ago,” Sam Khater, chief economist at Freddie Mac, said in a statement.

And the increase in rates comes at a “particularly vulnerable time for the housing market,” he added, “as sellers are recalibrating their pricing due to lower purchase demand, likely resulting in continued price growth deceleration.”

So far, buyers — spooked by higher rates and economic uncertainty — continue to pull back, based on mortgage application data.

Meanwhile, sellers are having a much more difficult time. According to Realtor.com’s August report, listings are spending more days on the market, and are also taking price cuts. The number of homes available for sale is also increasing.

The National Association of Realtors expects home-price appreciation to slow to 5% by the end of this year and into 2023, down from 14.2% in the second quarter.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

3255 Strathmore Pl, Eugene, OR 

Price: $575,000    Beds: 4    Baths: 2.0    SqFt: 1892

Beautifully maintained home on large lot in desirable South Eugene! Fabulous fenced yard with two she/ he sheds(both have power). Rooms are spacious and the home is move in ready! You won't want to miss this!...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

It is very easy to see that we are in the midst of a major change in the housing market, both here locally in the Eugene and Springfield area and across the nation. You can see more "For Sale" signs up, the signs remaining up for much longer, price reductions on homes for sale and just less buyer interest. Homes that would have gone on the market two months ago and had multiple offers and sold in just a few days are now sitting. This is the beginning of what I beleive will be a major shift in the national housing market. A shift that is now just in it's infancy. Many economists predict that in certain markets, home prices could decline as mcuh as 20%. Why is this happening when we have a huge shortage of houses both locally and nationally. Inflation is the primary culprit. With inflation rates of over 8% for months now, everything is costing more. The Feds only tool against rising inflation is to raise interest rates. This has a direct effect of mortgage rates.  In the Spring of this year, we saw mortgage interest rates as low as 2.5%. Now mortgage rates have doubled that. You take higher mortgage rates and throw that into a housing market with inflated home prices and housing affordability suddenly goes out the window. All is not lost yet. Inflation needs to be brought under control. If this happens, then we will see the stabilizing of the housing market with home affordability returning. The problem is that if the government continues to put the cap on energy production, continues out of control spending and continues its current economic policies, inflation will continue to roar and the national housing market will continue its downward trend. The next several months may tell the story as to where we are heading as a nation with our housing market.

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!!

Good Monday Morning!

The Real Estate market here in the Eugene and Springfield area and across the country continues to shift.  In most market areas home sale are slumping and inventories are rising.  Mortgage rates seem to be fairly stable at this time and even though they are higher than this same time period a year ago, they remain well below the 30 year average rate.  I think that this is a golden opportinity for home buyers.  The days of multiple offers and low inventory of homes for sale has certainly come to and end.  The time to act is now as inflation continues to roar and mortgage rate hikes are a certainty in future months.  Here is an article from "Realtor.com" that talks about our current national housing market.

The numbers: U.S. existing-home sales fell 5.9% to a seasonally adjusted annual rate of 4.81 million in July, the National Association of Realtors said Wednesday.

This is the sixth straight monthly decline.

The sales number matched what economists polled by the Wall Street Journal were expecting.

his is the weakest level of sales since May 2020 at the end of the recession caused by the pandemic. Excluding the recession, the level of sales activity was lowest since November 2015.

Compared with July 2021, home sales were down 20.2%.

Key details: Prices moderated in July. The median price for an existing home fell to $403,800, up 10.8% from July 2021. That was the slowest annual pace of increase since July 2020.

The number of homes on the market rose 4.8% to 1.31 million units in July.

Expressed in terms of the months-supply metric, there was a 3.3-month supply of homes for sale in July, up from 3 months in June. Before the pandemic, a four-month supply was more the norm.

It is still a tight market. Homes remained on the market only for 14 days on average. Pre-pandemic, the average time for homes to remain on the market was a month.

Sales declined across all regions of the country. The West saw a “dramatic decline” in sales from a year ago of 30%.

All-cash transactions made up 24% of all transactions, down slightly from June. About 29% of homes were sold to first-time home buyers, down slightly from 30% in the prior month.

Big picture: The decline in home sales comes as mortgage rates have doubled and recession fears spook buyers.

Perhaps a silver lining is the pendulum is slowly swinging to the prospective home buyer’s side.

Sellers are upping incentives to entice apprehensive buyers, worried about a looming recession.

To be clear, homes are still expensive. Borrowing costs are elevated, with the average contract rate for a 30-year fixed-rate mortgage at 5.45%, according to the Mortgage Bankers Association. And even though Yun said last month that he expects price appreciation to slow to 5% by the end of the year, prices are still out of reach for many first-time buyers.

Builders are calling the current situation a “housing recession,” and new construction of homes has started to fall. Builders expressed gloominess in an August survey, signaling that construction will continue to slow. Both will likely put pressure on the pipeline of new homes hitting the market in the future.

What the realtors said: In the month of June, “affordability has plunged to the lowest level in 30 years,” Lawrence Yun, chief economist at the NAR, said during a call.

“We are in a housing recession,” Yun said, only “in terms of sales and housing starts.” homeowners are still in a really “comfortable” position as home price growth continues.

He added that he believes it is “possible that mortgage rates have already peaked” which would provide some relief for prospective buyers.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

375 72nd Place, Springfield, OR 

Price: $450,000    Beds: 3    Baths: 2.0    SqFt: 1656

Beautiful one level home, cul de sac location on large beautifully landscaped lot. Newer roof and heat pump. Spacious living room with fireplace, dining area, family room, covered patio and huge fenced backyard. This home has been extremely well mai...View this property >> 

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Good Monday Morning!

The numbers are in for home sales in the Eugene and Springfield area for July of 2022.  The numbers show that the market is beginning to show some real signs of change.  The number of new home listings is down, the number of new home sales is down, time on the market in increasing and the inventory of homes for sale is creeping upwards.  The interesting thing is that even with the home market slow down, home prices continue to rise.  This is caused by a situation called stagflation, where home price inflation hits as the market slows.  Right now the overall economy of our area and the nation is having the largest effect on our housing market as mortgage interest rates have actually relaxed some over the past several weeks.  All indications are that the slowing trend in the housing market will continue both nationally and locally.  Remember though, with each different kind of market, some opportunities disapear as new ones come into play.  Here is the report on home sales in Lane County for July of 2022.

New listings (571) decreased 6.7% from the 612 listed in July 2021, and decreased 9.7% from the 632 listed in June 2022.

Pending sales (452) decreased 12.7% from the 518 offers accepted in July 2021, and increased 2.7% from the 440 offers accepted in June 2022.

Closed sales (396) decreased 20.6% from the 499 closings in July 2021, and decreased 14.8% from the 465 closings in June 2022.

Inventory and Market Time

Inventory increased to 1.6 months in July. Total market time increased to 22 days.

Year-To-Date Summary

Comparing the first seven months of 2022 to the same period in 2021, new listings (3,635) increased 0.3%, pending sales (2,930) decreased 5.5%, and closed sales (2,724) decreased 2.8%.

Average and Median Sale Prices

Comparing 2022 to 2021 through July, the average sale price has increased 13.0% from $422,000 to $476,900. In the same comparison, the median sale price has increased 11.5% from $390,000 to $435,000.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

1553 Linwood Street, Eugene, OR 

Price: $599,000    Beds: 7    Baths: 5.0    SqFt: 3100

Great potential for live in owner/manager. Unique property with five separate living units. large covered patio and deck areas. 2 car garage, rv parking with rv hookup and dump, irrigation well. Updates and construction are fully permitted. This ho...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

There is a window of opportunity for home buyers right now that is most likley going to be short lived.  This window is mortgage interest rates that have dropped below 5% at the same time that we have a much softer housing market both nationally and here in the Eugene and Springfield area.  Locally, demand for housing has dropped off and the number of homes currently on the market has increased. The inventory of homes for sale currently is only something that home buyers dreamed about several months ago.  Yes, this window won't be here long because the Fed has already announced further rate hikes in the midst of attempting to slow the worst inflation in over 40 years.  Mortgage rates unfortunately will soon be heading back up. So if you are considering a home purchase, now is the time to take action.  Here is an article from "Realtor.com that speaks to the current national housing market".

Mortgage rates dropped to their lowest level since April, offering a reprieve to prospective home buyers who have been hit this year with higher rates and surging prices.

The average rate on a 30-year fixed-rate mortgage is 4.99% this week, down from 5.30% a week earlier, according to a survey by mortgage giant Freddie Mac published Thursday. Though rates remain well above their levels from a year ago, they have fallen swiftly in recent weeks from their 13-year high of 5.81% in June.

Mortgage rates and other measures of the cost of borrowing tend to rise and fall with expectations about the trajectory of the economy. Recently, fears that the U.S. is heading into a downturn have lowered expectations of the pace of rate rises.

Until the past few weeks, rising mortgage rates had been a key factor driving up the cost of home buying this year, adding hundreds of dollars or more to buyers’ monthly payments. That, on top of double-digit home-price growth, has helped drive buyers out of the market in recent months.

Sales of previously owned homes fell for a fifth straight month in June, according to the most recent data from the National Association of Realtors.

Elevated mortgage rates are one of the most direct effects on consumers from the Federal Reserve’s campaign to combat inflation. The central bank lifted its key policy rate by 0.75 percentage point last month, its second straight increase of that size, putting the benchmark policy rate in a range between 2.25% and 2.5%.

Those rates drive up borrowing costs for both companies and everyday Americans, making the cost of financing big-ticket purchases more expensive. While the Fed’s interest-rate increases are aimed in part at capping recent surges in the cost of housing, higher mortgage rates make it unlikely that prospective buyers who are using mortgages will get a bargain.

Mortgage rates are tied closely to the 10-year U.S. Treasury yield, which tends to move in tandem with expectations for the Fed’s benchmark rate. On Monday, the 10-year yield slipped to its lowest level since April. It rose Tuesday and Wednesday.

Still, rapid changes in mortgage rates are likely to continue as economists debate whether to be more concerned about inflation or a recession.

The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to navigate the current economic environment,” said Sam Khater, Freddie Mac’s chief economist, in a statement.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

Lot 23 Abigail Lane, Eugene, OR 

Price: $110,000    Acres: 0.14    Zoning: R-1

Build your dream home on this South Eugene Lot with beautiful sweeping views of trees, the valley and city. Home plans to take advantage of this amazing lot are available with the purchase. This beautiful upscale neighborhood is a short distance fro...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

As inflation continues to roar, a bright spot is that mortgage interest rates have fallen even further.  This is a good indication that inflation is hitting the national housing market as home sales continue to decline for the fifth straight month.  The good news for home buyers right now is that prices have slumped and mortgage rates have dropped.  This is giving home buyers what will most likely be a small window of opportunity to jump into the market with lower housing costs and better interest rates.  How long this trend will last is anyones guess.  My suggestion is that if you are thinking about purchasing a home this year, don't wait.  This opportunity may not be with us for long.  Here is an article from "Realtor.com" that discusses this current situation.

Mortgage rates fell after rising for two straight weeks, another indication that recession concerns are impacting the U.S. housing market.

The average rate on a 30-year fixed-rate mortgage dropped to 5.3%, mortgage-finance giant Freddie Mac said Thursday. That is down from 5.54% last week and below the 13-year high of 5.81% recorded in June. At the beginning of the year, rates on America’s most common home loan hovered around 3.2%.

The 5.3% rate was recorded before the Federal Reserve’s announcement Wednesday that it would raise its benchmark rate by 0.75 percentage point. While mortgage rates don’t automatically move when the Fed raises rates, they are heavily influenced by it. Mortgage rates are tied closely to the 10-year U.S. Treasury yield, which tends to move in tandem with expectations for the Fed’s benchmark rate.

Over the past week, investors have piled into U.S. Treasurys, often seen as a haven during times of economic uncertainty. This week, the yield on the benchmark 10-year Treasury fell to its lowest level since April. Yields fall when prices rise.

The U.S. economy shrank for the second quarter in a row, the Commerce Department said Thursday. Gross domestic product from residential investment, including the construction of single and multifamily homes and remodeling, fell 14%. This category accounts for between 3% and 5% of GDP, according to the National Association of Home Builders.

“Housing tends to lead the rest of the economy, and we expect that pattern will hold this cycle as well,” said Mike Fratantoni, chief economist at the Mortgage Bankers Association.

Rising mortgage rates and continued double-digit price growth have made buying a home even less affordable, slowing the housing market in recent months. The median American household needed $2,398 to cover mortgage payments on a median-priced home in May, according to the Federal Reserve Bank of Atlanta. That is a 25% increase from $1,916 in January.

Sales of existing homes have fallen for five straight months, according to the National Association of Realtors.

We expect that this slower pace will remain through the summer, but buyers could return later this year if the Fed’s plans are better understood by the market and lead to less rate volatility,” Mr. Fratantoni said.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

1553 Linwood Street, Eugene, OR 

Price: $625,000    Beds: 7    Baths: 2.0    Sq Ft: 3100

Great potential for live in owner/manager. Unique property with seven separate living units. large covered patio and deck areas. 2 car garage, rv parking with rv hookup and dump, irrigation well. Updates and construction are fully permitted. This ho...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

The Real Estate market in the Eugene and Springfield area is changing, but intersting enough the change here is much slower than that of most of the nation.  Higher mortgage interest rates and extremely high inflation are beginning to take a toll on the national housing market and economy, but when you look at the numbers, Eugene and Springfield are changing, but not rapidly.  This is consistent with what we have seen in our area during past economic change.  Eugene and Springfield just dont seem to be subject to rapid change with housing.  With all of that, we have a brief reduction in mortgage interest rates.  This seems to have kicked our market back into high gear.  If you are a buyer, I suggest that you act now before mortgage rates once again start their trend upwards.  For sellers, the same thing, act now.  The continuation of a hot sellers market may be changing, so act now and don't wait to get your home on the market.  The following report is the sales numbers for Lane County in the month of June 2022.

Residential Highlights

New listings (632) decreased 0.2% from the 633 listed in June 2021, and increased 4.5% from the 605 listed in May 2022.

Pending sales (440) decreased 15.5% from the 521 offers accepted in June 2021, and decreased 9.1% from the 484 offers accepted in May 2022.

Closed sales (465) decreased 9.9% from the 516 closings in June 2021, and increased 9.4% from the 425 closings in May 2022.

Inventory and Market Time

Inventory increased to 1.1 months in June. Total market time decreased to 18 days.

Year-To-Date Summary

Comparing the first six months of 2022 to the same period in 2021, new listings (3,057) increased 2.2%, pending sales (2,503) decreased 3.7%, and closed sales (2,304) increased 0.8%.

Average and Median Sale Prices

Comparing 2022 to 2021 through June, the average sale price has increased 14.8% from $414,600 to $475,900. In the same comparison, the median sale price has increased 13.0% from $385,000 to $435,000.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

2377 Todd Street, Eugene, OR 

Price: $525,000    Beds: 3    Baths: 2.0    Sq Ft: 1591

Gorgeous meticulously cared for one level home with lots of windows and light. Beautiful views overlooking the wooded areas and neighborhood. Vaulted ceiling in the living room and very open area. Finished and heated two car garage. Private patio ar...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Good news for a change.  Due to consumer fears over inflation, mortgage loan interest rates have decreased significantly.  For anyone thinking of purchasing a home now or in the near future, don't let this opportunity pass you by.  My bet is that our current lower mortgage rates are a temporary blip in the mortgage market.  With inflation roaring, the Fed is sure to raise rates again and with this look for mortgage rates to climb again. I would hate to guess as to how high mortgage rates might go, but unless there is a significant change in US economic policy, don't look for any further trends of mortgage rates getting more favorable.  Here is an article from "Realtor.com" that talks about the recent events in the mortgage world.

Mortgage rates have fallen to the lowest level since December 2008.

The 30-year fixed-rate mortgage averaged 5.3% for the week ending July 7, according to according to data released by Freddie Mac on Thursday. That’s down 40 basis points from the previous week—one basis point is equal to one hundredth of a percentage point, or 1% of 1%.

The average rate on the 15-year fixed-rate mortgage dropped 38 basis points over the past week to 4.45%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.19%, down 31 basis points from the prior week.

“Over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent, as concerns about a potential recession continue to rise,” Sam Khater, chief economist at Freddie Mac, said in a press release.

“While the drop provides minor relief to buyers, the housing market will continue to normalize if home price growth materially slows due to the combination of low housing affordability and an expected economic slowdown,” he added.

The drop in rates, alongside a a 5.4% drop in mortgage applications for the week ending July 1, reveals a broader cooling in the housing market.

The mortgage applications data is reported by the Mortgage Bankers Association on a weekly basis.

“Mortgage rates decreased for the second week in a row, as growing concerns over an economic slowdown and increased recessionary risks kept Treasury yields lower,” the association’s Joel Kan said on Wednesday.

Still, rates are much higher than they were a year ago. The 30-year averaged at 2.9% same time last year, Freddie Mac said.

The yield on the 10-year Treasury note rose above 2.95% during the morning trading session.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

85808 Lorane Hwy, Eugene, OR 

Price: $1,995,000    Beds: 5    Baths: 4.5    Sq Ft: 5350

Stunning Home And Property. Complete remodel with brazilian cherry hardwood floors, granite counters, new carpets, large sub-zero fridge, 6 burner commercial gas range and hood, walk in pantry, auto blinds, covered patio with creek/waterfall feature...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Home sales both here in the Eugene and Springfield area and nationally have fallen off.  What is interesting is that home prices have not declined as of yet.  This may be temporary in our local market though as time on the market is beginning to increase and we are seeing a substantial number of price reductions on homes listed for sale.  The market is certainly softening and with that, we will typically see home prices begin to slump.  Higher mortgage interest rates and declining consumer confidence along with runaway inflation are all taking their tolls on housing.  I don't have a crystal ball, but my prediction for the remainder of the Summer housing market locally is for a slowing market with further mortgage rate increases and home prices that actually begin declining.  Time will tell.  Here is a recent article from "Realtor.com" that speaks to the changes in the national housing market.

The numbers: U.S. existing-home sales fell 3.4% to a seasonally adjusted annual rate of 5.41 million in May, the National Association of Realtors said Tuesday. Compared with May 2021, home sales were down 8.6%.

The decline was in line with the forecast of economists polled by the Wall Street Journal.

This is the fourth straight monthly decline and comes as mortgage rates have spiked and prices have risen.

Key details: The median price for an existing home rose to a record $407,600, up 14.8% from May 2021.  It is the first time above the $400,000 level.

The number of homes on the market rose 12.6% to 1.16 million units in May. This is still down 4.1% from one year ago.

Expressed in terms of the months-supply metric, there was a 2.6-month supply of homes for sale in May, up from 2.2 months in April. Before the pandemic, a 4-month supply was more the norm.

Homes remained on the market only for 16 days on average, the fastest on record.

Regionally, sales fell in all regions of the country except the Northeast.

All-cash transactions made up 25% of all transactions, down from 26% in April. About 27% of homes were sold to first-time home buyers.

Big picture: The housing sector is starting to soften, after running red-hot during the coronavirus pandemic.

Borrowing costs are surging, making home ownership more expensive for would-be buyers. Not only did the Federal Reserve tighten monetary policy, mortgage rates are also surging. As of Thursday, the average rate for a 30-year fixed-rate mortgage was 5.78%, according to Freddie Mac.

Meanwhile, construction on new homes plunged to a two-year low in the month of May, reflecting increasing wariness among homebuilders, economists said.

The next few months of data will reflect the impact of higher mortgage rates, Richard Moody, chief economist at Regions Financial Corporation, said in a preview note. He added that he expects to see “erosion in sales, and price pressures … [to] ease as listings sit on the market for longer periods of time.”

What the realtors said: “Home sales right now, after two years of gangbuster activity, is trending back down to pre-pandemic levels,” said Lawrence Yun, chief economist at the NAR. “I do anticipate further declines in home sales,” he added, as “the impact of higher mortgage rates has not been fully reflected in the data.”

Prices were still high, and homes were still selling very fast, Yun noted, despite mortgage rates rising and the overall existing-home sales number sinking. These are very “unusual” market conditions, he stressed, primarily driven by insufficient inventory.

What are they saying? “In short, while the housing market is cooling, it remains robust, at least for now,” Stephen Stanley, chief economist at Amherst Pierpont, said in a note.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

3847 Boresek Ln, Eugene, OR 

Price: $599,900    Beds: 4    Baths: 3.0    Sq Ft: 2504

Wonderfully kept home in great neighborhood! All rooms are spacious with a fantastic layout. Newer roof, gas water heater, gas forced air and exterior paint, make it move in ready and available for your preference of updates to make it home! Amazing...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!