Lately, we’ve seen the typical US homebuyer’s monthly payment climb to about $2,600—a 14-month high that’s making affordability a real challenge for many. Even as mortgage costs have risen, median home-sale prices have stayed firm, ticking up roughly 2% year-over-year to land near $399,000. This combination is putting extra pressure on buyers, and, not surprisingly, pending sales have remained flat month-over-month and are a bit lower than last year.
Mortgage-purchase applications have dipped slightly, and while new listings dropped a bit around the holidays, they’re still modestly above what we saw at this time last year. For sellers, strategy is key: about 21% of active listings made price cuts recently, and it’s clear that sharper pricing is drawing more attention, while overpricing is causing hesitation among buyers.
Inventory is showing some improvement—active supply is up around 2% compared to last year, with 1.5 million homes on the market and nearly four months of supply. Still, we’re not quite at a balanced market yet.
Working in Salem and the Willamette Valley, I see firsthand how these trends play out locally. Navigating these shifts takes careful attention on both the buying and selling sides. If you’re wondering how these numbers might impact your own plans, I’m always here to help you make sense of the market.
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