Greetings:
Good News, our existing home sales and housing starts are up nationwide compared to 2023!!! Existing home sales are expected to be up to 4.7 million from the 4.1 million that we saw in 2023. New home starts are up 0.57% from 2023 to 1.4 million, which is still well below where they need to be to meet the current demand. In the US we are 4.5 million units short of a healthy housing supply. In fact, Oregon needs over 442,000 units constructed in the next few years to meet our demand. “WE NEED MORE HOUSING IN OREGON!”
With housing shortages and higher interest rates, current home prices continue to be elevated. The average home value in the U.S. is $361,282, according to Zillow, up +2.9% year-over-year. In Oregon the average home value was $495,042, which is up +0.7% over the past year and properties go pending within 24 days. The fastest growing cities in Oregon are Brothers, Prineville, Post, Powell Butte, Bend, Redmond, Paulina, Terrebonne, and Fort Rock, which are all located in central Oregon.
Interest rates continue to fluctuate with the average 30-year mortgage at 5.74%, the lowest they’ve been in over two years. The biggest forces currently influencing the housing market are the election, economy, mortgages rates, and low housing supply. First time home buyers are the most affected by the unstable mortgage rates, but they can ask for assistance from the sellers or seek mortgage programs that have down payment assistance. Most lenders remain open to helping the buyer in obtaining a loan to purchase. All buyers need to shop around to get a loan that they can afford.
In Douglas County, new listing inventory decreased by (-3.7%) in September 157 from the 163 in August 2024. However, our year-to-date inventory is up (+9.3%) to 1,551 from 1,419 in 2023. We normally see listing inventory decrease in the fall, because we are entering the school months and families begin to settle in. Spring and summer remain our strongest months for new listings followed by fall and winter. We currently have a 3.7 month supply of listings available to sell. The total market time is 73 days, which is up slightly over last month when it was 53 days. Year-to-date the average time is up (0.8%).
Pending sales in September decreased (-6.3%) to 149 compared to last month at 159 offers written. Pending sales year-to-date increased to 1,113 which is up (+5.4%) from 2023 at 1,056. We follow pending sales because it is a good indicator of how many closings we will have in the next 30-60 days. In September 2024 closed sales were at 121 and decreased (-9.0%) from the 133 closed in August. So far, the year-to-date closings for 2024 compared to 2023 are up slightly from 1,019 to 1,011 (+0.8%).
The average sales price decreased to $354,200 in September 2024 from the previous month at $390,900 or (-9.4%). Year-to-date the average sales price is up (+2.8%) $354,700 from $345,000 in 2023. Comparing year-to-date 2024 to 2023, the median sales price increased by (+3.2%) from $315,000 to $325,000 in 2024.
I would encourage you to think about volunteering your time and talents to what you feel is your passion or find agencies that need help. I often find that volunteering gives you meaning and self-worth plus it helps our local community thrive and prosper. Again, keep all our men and women currently serving, our first responders, and Veterans in your thoughts and prayers for remember our “FREEDOMS ARE NOT FREE!” GOD BLESS THEM AND GOD BLESS AMERICA!
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