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Lake Oswego Real Estate And Hurricanes

There are some questions I have been asking myself since the hurricanes hit.  It seems others are starting to ask the same questions.

While the US has been devastated from hurricanes Harvey and Irma and the suffering is unparalleled, the aftermath will bring about many questions.  I have seen reports that Houston and other parts of Texas along with Florida have no building restrictions.  After Hurricane Harvey, I read that Houston allows building anywhere and whatever you want to build, even in flood plains. In addition, I saw a report about Florida building rules where those have been largely ignored, if any even exist, in favor of the big $$$.

Oregon has strict building laws.  We also have our coastline absent of any housing as Governor McCall put into place a law that said the coast is for everyone to enjoy.  I know that our local Lake Oswego building ordinances are also strict and many blame our Urban Growth Boundary for our high cost of houses and a limited supply of affordable housing in Portland’s metro areas.

While you cannot predict what Mother Nature will do, there should be more thoughtful consideration being given as to where or what you can build in hurricane/tornado areas of the U.S. for the safety of everyone.

America is Tested Again and Again

All through our economic commentaries we always are fearful of making predictions. No matter how much information we have, there are always unknown factors which can change the future to a significant degree.

There is no better example of this than what Texas and Louisiana just faced with Hurricane Harvey. An entire region of our country devastated with an amazing amount of support pouring in throughout the country. There is no doubt about the fact that this natural disaster will have a major effect upon our economy — as well as Irma and whichever storms follow. From the devastation of local economies to gas prices, there will be a multitude of factors we will be facing.

In the long-term there will be an economic revival as we rebuild lives, houses and infrastructure. We have rebuilt successfully before and we will rebuild again. America has always demonstrated our resiliency.

However, there are major questions which will remain far beyond this event. For example, we all know that houses are expensive to build and “excessive” regulations are part of that equation. On the other hand, as the insurance companies continue to point out, the lack of adequate building and zoning standards in some areas of the country have increased the cost of rebuilding significantly.

In other words, we have some very hard questions to address, questions which are very difficult to answer. And coming out with the right answers will help us pass this test in the future long after we rebuild this time around.

In the wake of Hurricane Harvey, the Insurance Information Institute (I.I.I.) released a primer on the difference between water damage covered under a homeowners policy and damage covered by flood insurance. The Institute reported 40% of homeowners think that standard homeowners insurance covers flood damage caused by heavy rain, which it does not. “Hurricane Harvey has, once again, shown that tropical storm systems are often major rain events, rather than wind-related.

This brings strong motivation for everyone to consider flood insurance, even if their mortgage lender does not require it,” said Loretta Worters, vice president of Media Relations with the I.I.I. According to the I.I.I.’s May 2016 Consumer Insurance Survey, only 12% of homeowners have flood insurance nationally, the lowest number since 2010 and down from 14% in 2015. Standard homeowners and renters insurance will cover wind damage from Hurricanes. Flood coverage, however, is excluded and is available in the form of a separate policy from the federal government’s National Flood Insurance Program (NFIP) and a few private insurers. The NFIP provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions.

Replacement cost coverage is available for the structure of a home but only actual cash value coverage is available for possessions. Excess flood insurance provides protection above the NFIP limits. It is available from private insurers for higher valued properties and for those living in a community that does not participate in the NFIP.

Source: Builder

More Americans Are Staying Put

The overall mobility of the U.S. population is at its lowest level and has fallen by nearly half since its most recent peak in 1985. Americans who live in rural areas are not moving. The rate of people who moved across a county line in rural America was just 4.1 percent, down from 7.7 percent in the late 1970s, according to the analysis. The mobility rate in rural areas has fallen faster than metro areas. “We’re locking people out from the most productive cities,” said Peter Ganong, an assistant professor of public policy at the University of Chicago. “This is a force that widens the urban-rural divide.”

It can stymie economic growth, adds David Schleicher, a professor at Yale Law School. The immobility of rural residents is preventing them from getting higher paying jobs and could even be choking off the labor supply for employers in areas where jobs are plentiful. Economists have indicated that the decline in rural mobility is mostly due to the escalating cost of housing. Small-town home prices have modestly recovered from the housing market crisis, while restrictive land-use regulations in metro areas have driven up prices.

Source: The Wall Street Journal

Multi-Generational Living

More generations are sharing a roof as a growing number of adult children move back in with their parents and aging parents move in with their grown children. Nearly one in five Americans are now living in a multi-generational household (defined as a home with two or more adult generations or grandparents living with grandchildren). The number of multi-generational households in the U.S. has bloomed to the highest level since 1950. About 60.6 million adults, or 19 percent of the population, were residing with their extended family in 2014, according to data from the Pew Research Center on multifamily households. The number has increased from 57 million in 2012.

Economists say the main reasons for the uptick are rising home prices, higher child care expenses, increasing college debt, longer life expectancies, and the growth in diverse communities.

Multi-generational living is more prevalent among certain ethnicities and cultures. For example, 28 percent of Asians live in a multi-generational household; that number is 25 percent for both Hispanic and African American families. Whites have the fewest multi-generational households at 15 percent. Builders have been responding to the trend, constructing homes with more square footage and that contain a separate wing for extended family members.

Source: realtor.com®

Information submitted by: Matt Jolivette, Associate Mortgage Brokers

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

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Jobs and The Cost of Housing

Guest Author: Matt Jolivette

Last week we counted our blessings with regard to the shape of the economy. This week we will talk about the release of the June jobs numbers which give us another reading regarding the health of the economy. Overall this reading was stronger than forecasts. Thus far this year, job growth has been solid, with just over one million jobs created in the first half of the year. This compares to 2.2 million jobs created in 2016, which puts the economy on track to match last year’s numbers. Despite strong jobs growth for the month, the unemployment rate rose to 4.4% last month, but that is not necessarily a bad thing, as it typically means that more long-term unemployed are re-entering the workforce.

Just as important as the jobs created, wages increased by 0.2% last month and 2.5% over the last year, which was slightly lower than economists expected. Higher wages are important, because they positively influence consumer spending for big ticket items.

For example, if wages do not go up as fast as the cost of housing, this provides a burden on renters and discourages home buying as well. Recently, home price data for April, as measured by the S&P CoreLogic Case-Shiller National Home Price Index, showed another record high — the fifth consecutive month of new peaks. Does that mean that housing will become unaffordable?

We caution you against reaching that conclusion. The First American Real Home Price Index currently shows that housing prices are still around 33% below their peak. To calculate the “real” cost of housing under the Real Home Price Index, incomes and mortgage rates are used to inflate or deflate house prices which are unadjusted for inflation in order to better reflect consumers’ purchasing power and capture the true cost of housing. It should be noted that lower interest rates do not directly benefit renters.

The message? As long as rates stay low, housing is still more affordable today than it was when peak prices were achieved a decade ago.

Searching for Real Estate

My phone app http://app.summarealty.com/SMAFZ, has recently been updated.  If you are looking to purchase, this is a great way to search.  Or, if you want instant notifications from RMLS™, please let me know and I can arrange for you to receive alerts for listings as soon as they come on the market for sale.

Or go to my website http://bettyjung.com for additional information.

Thinking of Selling Your Lake Oswego Home?

Interest rates are still low and there is still a huge pool of buyer demand. Buyers are ready and willing to purchase your home. Call me at 503-804-9685 if you are thinking of making a move.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

Having worked in Lake Oswego as a Real Estate Broker since 1978 and lived in Lake Oswego since 1988, I know all the neighborhoods. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2017. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate National Housing Trends

The real estate market is always changing, and the growing reliance on technology in our industry makes it move even faster. Buyers and sellers search for homes and communicate differently than they did just two decades ago. On top of that, they also have more access to data and information than ever before. https://lakeoswegorealestateblog.wordpress.com/national housing trends

What are some trends that will have an impact on real estate in 2016?

  • Buying costs less than renting.

In most areas, it’s cheaper to buy instead of rent. According to Trulia, nationally, it’s 35 percent cheaper to buy instead of rent, and CNN Money reports that for millennials, it’s 23 percent cheaper.

  • The Internet is king.

The Internet continues to be the first stop for buyers and sellers looking for information. In fact, 43 percent of all buyers looked for properties online before contacting an agent or looking for information about the homebuying process. This percentage is even higher for younger buyers or millennials. It only makes sense. After all, younger buyers are more likely to have grown up with computers in their homes and access to the Web from an early age.

  • Agents are still necessary.

According to the National Association of REALTORS® Profile of Home Buyers and Sellers, 88 percent of buyers would use their agent again or refer him or her to others. Despite having incredible access to information, buyers and sellers still rely on agents to guide them through the real estate process. Buyers want their agents to help them find the right home, negotiate a great deal and help them with all the paperwork. Sellers, on the other hand, want their agents to market their home to potential buyers, sell it within a particular period and price it to sell. Technology hasn’t made agents obsolete — it’s made them more valuable.

Source: Inman News

The total value of America’s residential real estate hit $28.5 trillion at the end of 2015 according to analysis by Zillow. The housing market added $1.1 trillion in value, a 4.1 per cent increase on 2014. Although the growth was lower than in 2014 (6 per cent) some markets have outperformed the national average.

“Total home value growth slowed this year, but there was still a significant increase in overall value, and many markets are more valuable than they’ve ever been. At the same time, more renter households and rising rents combined to set new records in rental spending in 2015.

Americans are spending a lot of money on housing, and that will make affordability an important issue next year,” said Dr Svenja Gudell, Zillow’s chief economist. Americans shelled out nearly $20 billion more in rent in 2015 than in 2014 as people around the country set up 1.8 million new renter households and median monthly rents rose at a record pace.

Source: Mortgage Professional America

Search For Real Estate

You can use this phone app to search for the home of your dreams either on your cell phone or tablet – http://app.summarealty.com/SMAFZ

My new website is also available and you can search for Lake Oswego real estate or any homes for sale in the metro PDX area or surrounding communities – http://www.summalakeoswego.com/realtor-betty-jung

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs!

“There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws

RE MAX equity group Portland Housing Update April 2014

Closed sales rose 15.4% from March’s 1,857 and represented a 0.8% increase over the 2,125 sales closed in April 2013. Despite the small increase, it was still the best April for closed sales in the Portland metro area since 2007, when there were 2,594. New listings were up 0.2% compared to last April and 17.4% compared to the 3,090 new listings posted in March. Pending sales increased 11.5% from March’s 2,534 but dropped 4.0% from pendings in April 2013.

The average price the first four months this year was $325,100, up 10.7% from same time in 2013 when the average was $293,600. In the same comparison, the median rose 10.0% from $250,000 in the first four months of 2013 to $275,000 in the same period of 2014.

Portland Housing Update April 2014

RE MAX equity group Portland Housing Update April 2014 .lakeoswegorealestateblog.wordpress.com

Want To Buy A Condo Or Lake Oswego Home And Don’t Have A Down Payment?

Need Help With Closing Costs?

There is a loan program that I have become aware of that gives, yes gives, you up to 3% down which does not have to be repaid. This is great for buyers who haven’t been able to save up for a down payment, are self employed, or need help with closing costs. There are income requirements, but if you haven’t been able to purchase and want to give me a call at 503-804-9685, I’d love to be your Realtor®!

Search For Real Estate

I have a new search site available to find Portland metro and all outlying properties for sale.  You can view RMLS™ information here. My website is also available.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Lake Oswego Real Estate Boom or Bust For Housing in 2014

At the end of September, I attended the Oregon Association of Realtors® (OAR) Convention in Sunriver. I had posted on my FB blog page that I would write about that conference. One of the many reasons I attended was to hear Dr. Lawrence Yun, Chief Economist for the National Association of Realtors® (NAR). I had never heard him speak and was really looking forward to it. He did not disappoint.

I haven’t written anything or read what economists are predicting for the 2014 housing market, so this might be a jump ahead of them. Dr. Yun stated Wall Street Economists, as well as the Case-Schiller Report (albeit always 3 months behind housing market activity) both use the NAR stats.

National Housing Market 2013

Here are some bullet points from Dr. Yun’s speech:

  • According to home price forecasts, Wall Street economists and Dr. Yun, house prices will increase nationally by 7% in 2013 and 5% in 2014.
  • Homeownership rates have fallen. During the housing boom, homeownership was 70%, during the housing crisis it fell to 65% and currently it is at 63%.
  • There is an increasing population of renters. However, rising interest rates should persuade renters to purchase soon.
  • We may actually get 6 percent mortgages next year, if inflation increases.
  • Records show that the net wealth of homeowners is higher than the net worth of renters.
  • Average net worth of renters is $3-4,000 while it is $200,000 for homeowners.
  • There is a big gap in wealth distribution and there will be more of an inequality in the future.
  • Nationwide closings in 2013 are up 18%, prices increased 15%, Total $ Volume shot 33% higher, and the total days on the market has fallen from 127 to 100 days.
  • Financial institutions have money but it’s not being funneled to main street mainly because of strict underwriting guidelines, credit scores etc.  The average required credit score is 720.
  • Student debt is out of control.  Most have over borrowed.
  • 90% of average student debt is $13,000; however,10% have over borrowed and owe on average $61,895.
  • 50% of all students won’t be 1st time homebuyers.
  • FHA was a major player during the housing recession and funding it should continue.  We could have reached depression levels had FHA not provided funding.  FHA is for the first time ever operating at a loss and has a shortfall of $2 billion.
  • There have been several spikes in the housing recovery.  The real estate market since July has slowed. NAR is watching closely to see if this a temporary blip, just a seasonal decline or a long-term decline.
  • The current pipeline of buyers has been exhausted and had existed because of pent-up demand. When rates were 3.4% to 4.4%, the serious buyers purchased.
  • Dr. Yun predicts higher interest rates in the next 2-3 years. We are currently experiencing a temporary relief in interest rates, but there will be a sudden jump in rates next Spring and closings will drop.
  • There has been a “last hurrah” for the housing market the past 12-18 months.
  • Inventory of houses is at a 13 year low and could continue to hit 14-15 year lows.
  • 1/3 nationally were cash buyers.  In Oregon, 25% were cash sales. In 1986, during that recession, cash buyers were at 21%.
  • There is no bubble and there will be none.  Dr. Yun feels we are having a over-correction from our downward spiral.
  • NAR feels we will never touch interest rates below 4% again.
  • Dr.Yun feels there will lawsuits because of sellers doing pocket listings to sell their homes.  He doesn’t feel a seller gets full exposure, that it isn’t in their best interest, and they don’t achieve the highest and best price.

Economy and Jobs

  • Job creation is crucial in propping up the missing entry-level segment of homebuyers.
  • Students feel the weight of their loan debt and only jobs will help them pay off debt or buy a home.
  • Creation of jobs is running at a slow pace and hindering young people in the country.
  • There were 1 million new households a year prior to the recession, but during the last 5 years we didn’t see any increases.

New Construction

  • NAR stats show that nationwide, new houses typically sell for 10% higher than resale houses.
  • We are at 50 years lows in new construction inventory.
  • Local builders aren’t able to obtain financing for new construction.  The Wall Street builders such as Centex, Toll Brothers, etc. (large builders) are getting money to build.
  • There will be a shortage of new construction at least until next year.
  • Builders need to build to continue the housing recovery. The only way to a stable housing market is for builders to build new homes.

Housing Boom Or Bust In 2014?

  • It will be a multi-year housing recovery.Lake Oswego Real Estate Boom or Bust For Housing In 2014.lakeoswegorealestateblog.wordpress.com
  • Distressed sales will hit 11 to 13 percent in 2014, and then fall to a single-digit percentage in 2015.
  • Oregon and Washington have higher levels of shadow inventory (distressed but not yet REOs) than California due to our foreclosure processes. California has cleared out most of their shadow inventory which will result in more California buyers moving to Oregon.
  • There were 8 million jobs lost during the recession.
  • 1/2 of all jobs lost in Oregon have come back and are in Portland.
  • According to Dr. Yun, there have been no jobs recovered in Bend, Corvallis, Eugene, Medford or Salem since the recession.
  • Housing inventory needs to reach 1.5 million soon or there will be consistent shortages in the years ahead.
  • Investors are buying houses but not selling.
  • Boomers aren’t planning to retire and aren’t planning to move.
  • Move up sellers are able to sell, but there’s not enough inventory of homes to buy.

Summary

Dr. Yun said the only things that will help the housing recovery stay on track are the creation of jobs, interest rates not spiking, builders adding inventory to the housing market, and Washington D.C. not causing any harm to housing (hope Congress gets its act together!)

There was more!  Here is a link to Dr. Yun’s complete presentation. It was a very interesting speech and I was extremely glad I attended the Convention.

You can use the link at the top of this page to search for Lake Oswego or Portland metro area real estate.

Search For Real Estate

You can use this phone app to search for the home of your dreams either on your cell phone or tablet – http://app.summarealty.com/SMAFZ

My new website is also available and you can search for Lake Oswego real estate or any homes for sale in the metro PDX area or surrounding communities – http://www.summalakeoswego.com/realtor-betty-jung

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your condo or home. If you want to know the value of your property in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws

Lake Oswego Real Estate RE MAX equity group Housing Report June 2013

Numbers Cool Compared to Last Month

Closed sales, pending sales, and new listings all declined in June 2013 as compared to May 2013 but were up more than 10% over last year.

Closed sales declined 6.4% in June compared to May but were up 11.9% over June of last year. Pending sales were down 5.8% from May but up 15.2% over June 2012. New listings slipped 2.1% from May but climbed 16.9% over last year.

Even with the drop in sales and listings, available inventory managed to inch up from May’s low of 2.5 months to 2.9 months in June 2013.

Prices Continue to Rise

The median sales price from January to June of 2013 rose to $257,500. The same period last year, the median sales price $225,500.

 Lake Oswego Real Estate RE MAX equity group Housing Report June 2013.lakeoswegorealestateblog.wordpress.com

Search For Real Estate

I have a new search site available to find Portland metro and all outlying properties for sale.  You can view RMLS™ information here. My website is also available.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

 

Lake Oswego Real Estate April RE MAX equity group Housing Report

New Listings

New listings continued to rise—at 3,623, the number of new listings for the month was the greatest in any one month since August 2010. This also represented a 20.7% increase over March’s 3,002 new listings. The increase in new listings helped inventory stabilize: the number currently sits at 3.1 months, down slightly from last month’s 3.2 months.

Days On The Market

Average time on market currently stands at 91 days—the last time market time was that low was July 2008.

Closed Sales

Closed sales are up as well, with April’s 2,125 posted sales representing a 9.8% increase over March 2013.

Portland Real Estate Prices Increase

The average sales price so far this year was $293,600, up 15.3% from the same period in 2012, when the average was $254,600. In the same comparison, the median increased 15.6% from $216,200 last year to $250,000 in the fi rst four months of 2013.

Lake Oswego Real Estate April RE MAX equity group Housing Report.lakeoswegorealestateblog.wordpress.com

Search For Real Estate

I have a new search site available to find Portland metro and all outlying properties for sale.  You can view RMLS™ information here. My website is also available.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

RE MAX equity group Housing Update March 2013

Both accepted offers and closed sales earned “Best March since 2007” honors. The 2,628 pending sales were 15.7% over the 2,272 entered in March 2012 and 23.4% higher than February’s 2,130 offers. Closed sales reached 1,935, which topped March 2012 sales by 14.2% and February 2013 sales by 40.6%.

Portland Housing Inventory

The increase in new listings was not enough to reverse the trend in active inventory, which crept down slightly to 6,207 listings. It would take only 3.2 months to exhaust the active inventory at the March rate of sales. This is lower than in any month since June 2006, when unsold inventory reached 2.6 months.

Portland Housing Prices

The average price in the first quarter this year was $290,300, up 15.3% from first quarter 2012, when the average was $251,700. In the same comparison, the median increased 16.6% from $212,000 last year to $247,100 in the first quarter of 2013.

RE MAX equity group Housing Update March 2013.lakeoswegorealestateblog.wordpress.com

Search For Real Estate

I have a new search site available to find Portland metro and all outlying properties for sale.  You can view RMLS™ information here. My website is also available.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

Summa Pacific Cascade
4949 Meadows Rd. #100
Lake Oswego, Oregon 97035

Licensed in the State of Oregon

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

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