Search
Username
Pin It
Favorite

Home Sales Cooling in Many Areas 

Rising prices and low inventories pricing out buyers

click to enlarge CANSTOCKPHOTO.COM
  • Canstockphoto.com

Several recent reports have stated that as of July, home purchase contracts have declined for the seventh consecutive month. These are commonly referred to as pending sales. While this is true on a national level, there are exceptions, such as the West, which includes our local market. Rising inventory levels are happening mainly in markets where prices have risen so rapidly that people can't afford to buy homes.

According to Lawrence Yun, the National Association of Realtors' chief economist, areas with multiple years of inadequate new construction supply and strong job growth have driven up home prices so that residents of those areas can't afford to buy a home. Yun forecasts that the national existing home sales price will increase about 5 percent for 2018 and that existing home sales will decline by 1 percent in 2018.

The rising inventory levels are expected to cool down price growth and make homes more affordable. Hopefully there will be an increase in construction activity to help meet the demand for middle income homes.


LOWMIDHIGH

1175 N.E. Hollinshead Ct., Bend, OR 97702

3 beds, 1 bath, 1,102 square feet, .14 acres lot

Built in 1988

$299,950

Listed by George E. Lohr Real Estate

2573 N.E. Lynda Ln., Bend, OR 97701

3 beds, 2.5 baths, 2,242 square feet, .16 acres lot

Built in 2003

$405,000

Listed by Fred Real Estate Group

1895 N.W. Remarkable Dr., Bend, OR 97703

3 beds, 4.5 baths, 5,157 square feet, .49 acres lot

Built in 1999

$1,490,000

Listed by John L Scott Central Or Bend

Pin It
Favorite

Comments

Subscribe to this thread:

Add a comment

Source Weekly Newsletter

Latest in Take Me Home

More by Nick Nayne, Principal Broker

Readers also liked…

© 2018 LAY IT OUT INC | 704 NW GEORGIA, BEND, OREGON 97703  |   Privacy Policy

Website powered by Foundation