Are Residential House Prices Going Up or Down

Are Prices of Houses Going Up or Down

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Are Housing Prices Going Up Or Down_ June 2023

[00:00:00] Well, hey, real estate fans. Alice Lema here, broker John L Scott in beautiful Southern Oregon with another edition of the Weekly podcast. Today we're gonna be asking the question, are prices going up or prices going down? And the answer is that depends. And I know that's a weird answer, but here's why.

We've got a lot of media coverage bombarding us with all kinds of different statistics, and a lot of 'em are conflicting. And the reason for that is because we've got different ways of evaluating the data. And if you're looking at year over year statistics like we do in our Southern Oregon market statistics.

You can see those every week on my YouTube channel. The year over year numbers are really dramatic, but when we start tracking the week to week and the month to month, we're starting to see some rebound in prices, a little bit more inventory, although not nearly enough, and we'll talk about that at the end.

But you can see here's a chart from keeping current matters. [00:01:00] KCM, one of my favorite websites, comparing last year's numbers to this year's, and we don't have May and June yet for 2023, but you can start to see the progression and we're predicting that the 2023 May and June numbers are gonna be lower because we were comparing year over year to one of the peaks from 2022. So those numbers are gonna look dramatically in decline. And we see that as we check our local stats every week. Now, if you look at the month to month, this is another K C M chart, you can see we have actually bottomed out. Now this is nationally, and we're looking from January 22 to April 23.

But again, even our local markets are starting to show a little bit of change especially in Klamath Falls, they're showing the first uptick in the last couple of weeks. So with that in mind I think it is [00:02:00] likely that we have either bottomed out in southern Oregon or we're in the process of bottoming out.

And then you add what happened this week with the Federal Reserve Bank that they did not raise the rates. So there was a huge sigh of relief in the housing market nationwide, but especially here in our southern Oregon because, You know our local wages have trouble keeping up when we have these, these big spikes in our prices.

But having said that, it's still a great time to buy. It's still an amazing time to sell because we still have more buyers than sellers. And you know what else? One of the reasons that I started wondering if we had bottomed out here in southern Oregon, we're on our way back up was because we started selling more of our million dollar properties again.

And that market has been really a bonafide buyers market for a year or more. And in some cases up to two years of inventory in the million dollar [00:03:00] plus price range. And so when you see those start getting to be scooped up, it starts to show that there's some health and vitality coming back into our area.

So again, check the local stats every week because this week we did have a million dollar sale in southern Oregon, and we also had one foreclosure in Southern Oregon. But we're looking for a more balanced market to be coming up and to be coming up shortly. This is June, 2023. We're looking for this to actually kick our little market into gear for the next 90 to 120 days, which would be awesome. We still have a lot of people that want to sell their house, but they're worried about finding a place to live and having enough choices to make that happen cuz they wanna stay in the area. And I'm predicting, this is my other prediction, is that we're gonna see a lot more listings now that people have a sense of where the economy's going.

There's not gonna be [00:04:00] any more interest rate increases, at least for a while, maybe not at all. And we can just kind of normalize and get back to business. Now, I do wanna show one more, and this is also from K C M, but it's showing that the recent trends, they're gonna predict nationally at appreciation rate of 4% by the end of 2023.

Now, Southern Oregon usually does a little better than that. Because we're a destination lifestyle area. But 4% nationally would be a very sustainable, normalizing kind of appreciation. So we'll track that again every week and yay for us to maybe have hit the bottom and the prices will bounce around a little bit here and there. You know, especially in some of the higher price point. But we're gonna track it every week and look for some normalization in the next 90 days. Right? Fingers crossed.

In the meantime please keep me in mind. I'd love to be your agent. I'm a great buyer's [00:05:00] agent, great listing agent, good with investment. First time home buyers, downsizers, riverfront, rural property. Whatever you need. I'm here and you can reach me. 541-301-7980 that's 541-301-7980. Gimme a call, gimme a text, and let's find out what you wanna do next in your real estate life. Okay? Have a great weekend. Hug those you love. Bye now.

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