April Monthly Market Check In

April 11, 2024

Activity is always expected to pick up in the Springtime, however this year it appears to be either delayed for the most part, or we won’t see the big activity increase like we typically do.  We are seeing the number of sales increase a little, however with it being an election year and interest rates as high as they are comparable to over the last 15 years, it wouldn’t be surprising if our Spring and Summer selling seasons were pushed down a bit.  We will probably see a selling season similar to last year.The CPI Report that came out yesterday shows inflation rose .04% in March and 3.5% from this time last year, which is higher than the FED was hoping for.  The PCE, another factor considered by the FED, rose 2.5% in February.  This data is more than likely supporting the expectation that the FED won’t make any rate cuts anytime soon; thus delaying relief for many home buyers.  Mortgage News Daily is reporting the average 30 year fixed mortgage rate at 7.34% at the time of this writing.  Many buyers who are waiting on the fence for rates to come down might be waiting there longer than they expected.  Unfortunately homeownership costs continue to increase with the recent changes required by the NAR Settlement Agreement allegedly coming in June of this year.  If you missed our response to this and all of the media reporting, 

you can read it here.  Fortunately we are finding ways around some of the challenges for the benefit of buyers.  Stay tuned, though because the Department of Justice will weigh in to influence the direction that the industry will ultimately take.
Homeownership continues to see new challenges, but we are doing everything we can to promote this amazing privilege that creates healthy & stable families and encourages wealth for all.  In the midst of it all, people are still moving around as we saw over 600 transactions last month.  Pending listings are up and we are experiencing more showings throughout the market.  Warmer weather is on the way and us Oregonians will get tired of being cooped up from the rain.
We continue to strive to bring the highest level of knowledge, service and professionalism.  We go the extra mile to take care of the people you care about.  There are a lot of moving parts and we are happy to spend the time discussing everything in further detail. Let us know if you have any questions or need any additional information.

Current Active Listings (All Types)2320Up 3.5% from last month & up 16.7% from this time last year
Current Pending Listings1073Up 16% from last month & up 5.6% from this time last year
Sold Listings Last Month622Up 15% from last month & down 16% from this time last year
New Listings Last Month1129Up 28.5% from last month & up 14% from this time last year
Months of Inventory3.46Up 5% from last month & up 35% from this time last year
% List to Sold Ratio98.16%Down 0.2% from last month & down 0.5% from this time last year
Absorption Rate
*Based on current active listings vs sold listings for the past month
27%*Up 11.7% from last month & down 31% from this time last year
Average Sales Price in All Categories$456,000Down 0.2% from last month & up 2.7% from this time last year
Average Residential Sales Price
**Based on Willamette Valley Multiple Listing Statistics
$487,000**Even from last month & up 1.7% from this time last year
Average Owner Occupied Interest Rates
***Based on Freddiemac.com Statistics of 30 year fixed mortgage
6.82%***Down 0.9% from last month & up 8.2% from this time last year
Consumer Price Index (CPI)
**** FED’s Goal is 2%
3.5%****Up 9% from last month & down 35% from this time last year

+Some numbers are rounded

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Paramount Oregon Paramount Oregon
1008 12th St. SE Salem OR 97302
(503) 385-1518
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Principal Brokers & Brokers Licensed in the State of Oregon