Prices up 1.9 Nationwide on Existing Home Sales

Full Video Transcript Below

Prices Up 1.9% On Existing Home Sales Nationwide! Summer_Fall 2023

[00:00:00] Well, Hey, real estate fans, Alice Lema here with another edition of the weekly podcast. And today we're going to talk again about how the market is actually perking up. Last week we talked about how the, some of the main housing market indicators were changing their predictions for 2023. Well, this week we have the national association of realtors that published this report just a couple of weeks ago. And I want to show you the graph right now because it's quite interesting. So we've got for a little over 4 million sales and month over month, that's down 2. 2 percent year over year. That's down 16. 6%. But scoot down to the prices. The prices are up year over year, almost 2%.

Now these are existing home sales. This is from July. It takes a month or so for these reports to come out, but they're showing that we only have a nationally little over three months of inventory. So here we are. [00:01:00] Making another case for buying now, even though the interest rates are really sucky. I can still make a strong case for getting your transaction into escrow and close before the end of the year, because we are starting to see bits and starts in the weekly market statistics that we track.

That's a separate video on YouTube, but you can see week over week, we're tracking Klamath, Jackson and Josephine County. And we're starting to see the million dollar sales again. We had three in Jackson County last week. This week we have two in Jackson County and one in Josephine County. And the reason I bring that up is because the luxury market has been a little slower.

So now that we're starting to see that pick up. It means to me that the market is getting some strength and some stability. So so check it out. It's a good time to sell because you still don't have a lot of competition. There's still a few more buyers and sellers. We can see that by the days on market, we can see it locally, we can see it nationally.

So these trends are kind of [00:02:00] lining up with each other locally and nationally and with a little bit of a price increase this summer, nationally 2%. We'll have to see what, you know, each of the following reports indicate. But it could be one of those times where it's good to buy and it's good to sell.

We don't have a lot of competition sellers. So and it's, it's almost as though we didn't really get our full spring summer market. A lot of listings were slow coming, coming to market because people are unsure. It's also hard sometimes to find a replacement property if that's what you're doing.

But I think yeah. It's one of those ironic times where it's good for buyers because Southern Oregon traditionally does well anyway. We are a destination location. We're a lifestyle location that all gives us more oomph in our property values. year over year. So you won't go wrong buying right now and you won't go wrong selling right now.

And I want to be involved. So [00:03:00] give me a call. Give me a text 541 301 7980. Let's talk about what you want to do. Just a quick side note. It's also a great time to buy a rental. The rental rent prices are stabilizing. They're not going up as fast as they were, but quite regularly, that's a good thing because we need some stability in the rental market as well.

And we still have a shortage of landlords. Selfish shortage of rental properties. So I don't know. I, I think it's just totally ironic that it's a good time to be a landlord. It's a good time to buy. And it's a good time to sell. We don't see that very often. And do, you know, do keep checking in because the trends and the prices are going to stabilize and get some legs.

And then we're going to look back and see what we can make our predictions on the data we can make the rest of the year for 2023 and into 2024 is all going to be data driven. Okay. So that's the podcast for this week. Check me out on YouTube. Got lots and lots of educational videos. Subscribe.

We would love to hit our 500 subscriber mark on [00:04:00] YouTube. That would be super cool. Have a beautiful Southern Oregon week. We'll see you next time. Bye now.