A Sluggish Housing Market Remains
Overall, home sales in Lane County were off in December of 2023. A sluggish housing market remained in place, even with slightly lower mortgage interest rates. We saw a short spurt of activity in early December fade as we approached the Holidays. What will 2024 bring? There is a potential for a much improved housing market in Lane County if mortgage interest rates decline further and the Fed remains steady or even drops rates. This is an unknown presently and only time will tell. The overall economy needs to improve as well and inflation numbers need to decline. Without all of these pieces falling in place, don’t look for any substantial changes in our local housing market. The following is a look at home sales in Lane County for December 2023.
New Listings
New listings (177) increased 1.1% from the 175 listed in December 2022, and decreased 43.5% from the 313 listed in November 2023.
Pending Sales
Pending sales (208) increased 5.6% from the 197 offers accepted in December 2022, and decreased 11.9% from the 236 offers accepted in November 2023.
Closed Sales
Closed sales (215) decreased 8.1% from the 234 closings in December 2022, and decreased 13.0% from the 247 closings in November 2023.
Inventory and Time on Market
Inventory decreased to 2.7 months in December. Total market time decreased to 50 days.
Year-to-Date Summary
Comparing the twelve months of 2023 to the same period in 2022, new listings (4,738) decreased 12.0%, pending sales (3,614) decreased 27.5%, and closed sales (3,561) decreased 21.5%.
Average and Median Sale Prices
Comparing 2023 to 2022 through December, the average sale price has decreased 1.0% from $475,400 to $470,600. In the same comparison, the median sale price has decreased 0.7% from $436,000 to $432,900.
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 Galand Haas, Keller Williams Realty Eugene and Springfield 2645 Suzanne Way Suite 2A, Eugene OR 97408 Direct: (541) 349-2620  Visit http://www.eugeneareahomesearch.com Popular posts from this blogWhy You Shouldn't Fear This Market!
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