Real Estate Industry News – April 2023

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.

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