We're seeing a notable shift in the housing market: for the four weeks ending August 23, new listings in the US edged up by 0.4%, and total homes for sale increased by 0.5%, marking the highest inventory we've seen since early in the second quarter. At the same time, pending home sales dropped by 1.1%—a six-month low—as many buyers are taking a step back, weighed down by affordability challenges, even as options expand nationwide. The median sale price has inched up 1.9% year over year, now topping $400,000, and average mortgage rates remain close to 7%, just shy of a 13-month high.
What does this mean if you’re shopping for a home in Oregon? More homes on the market and less competition have created more favorable conditions for buyers. In many markets—including here in the Willamette Valley—active buyers have greater room to negotiate for price reductions or seller concessions. According to experts, homes that have been listed for several weeks are often where buyers can find the most negotiating power, while sellers see the best results by setting realistic prices rather than holding out for last year’s highs. As someone who guides clients through these changing dynamics in Salem and beyond, I know how important it is to adapt your strategy as the market evolves.
Leave a Reply