JANUARY NEWSLETTER Your Real Estate Market Update |
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National Market Update Key Highlights Existing-home sales rose 2.2% in December to a seasonally adjusted annual rate of 4.24 million, the strongest pace since February 2024 (4.38 million). Sales grew 9.3% from one year ago, the largest year-over-year gain since June 2021 (+23.0%). The median existing-home sales price progressed 6.0% from December 2023 to $404,400, the 18th consecutive month of year-over-year price increases and biggest year-over-year growth since October 2022 (+6.5%). Even with the solid upturn in the fourth quarter, on an annual basis, existing-home sales (4.06 million) fell to the lowest level in nearly 30 years, while the median price reached a record high of $407,500 in 2024. The inventory of unsold existing homes dropped 13.5% from the previous month to 1.15 million at the end of December, or the equivalent of 3.3 months' supply at the current monthly sales pace.
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Mortgage Rates Drop Below Seven Percent By Freddie Mac January 23, 2024
After crossing the 7%-mark last week, the 30-year fixed-rate mortgage saw its first decline in six weeks. While affordability challenges remain, this is welcome news for potential homebuyers, as reflected in a corresponding uptick in purchase applications. |
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Portland Metro Market Update We ended the 2024 year with an improved market compared to December of 2023. The number of new listings, new pending sales, and closed sales were all up compared to this time last year. The median sales price has remained the same when looking year over year, yet dropped 1.9% from November 2024 to December 2024. We have ridden a wave up and down over this last year and have remained at generally the same values in the end, when looking at the Portland Metro market as a whole. The New Year has started out with more buyer activity than we've been seeing in months, and multiple offer situations becoming a bit more common. If you are considering moving in 2025, let us know how we can help educate you so you feel you're making the best decision possible. Click on the image above to access December's RMLS Market Action Report. |
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