Oregon Housing Market Update:
- Home prices in Oregon were down 1.4% year-over-year in February.
- At the same time, the number of homes sold fell 29.0%
- The number of homes for sale rose 6.6%.
WVMLS Local Market:
What does this mean?
- The direction and pace at which home prices are changing are indicators of the strength of the housing market and whether homes are becoming more or less affordable.
- The median price of a home in the United States is currently $480,900.
What do you think?
Piatt’s Crystal Ball: (as we know, in this market, all things are possible. This is just my thoughts.)
- 4-5 months of inventory equals a shift from a “Seller’s Market” to a “Balanced Market.”
- We are currently at 3 months; likely to hit 4 in the next 60 days
- Rates are likely to stay over 5%; don’t date the rate.
- Due to this, we will likely see a possible decline in home prices throughout the next 6-12 months.
Click here for the full details:
https://www.redfin.com/state/Oregon/housing-market
