Bend Real Estate Blog
We provide you with Bend and Central Oregon real estate updates as well as general information on Bend and other towns in Central Oregon.
Pending home sales slowed modestly in August but contract signings remain at their second-highest level over the past year, according to the NAR. All major regions experienced declines except for the West, which rose for the fourth consecutive month.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 1.0 percent to 104.7 in August from 105.8 in July, and is now 2.2 percent below August 2013 (107.1). Despite the slight decline, the index is above 100 – considered an average level of contract activity – for the fourth consecutive month and is at the second-highest level since last August.
Lawrence Yun, NAR chief economist, says contract signings are holding steady and fewer distressed sales and less investor activity is likely behind August’s modest decline. “Fewer distressed homes at bargain prices and the acknowledgement we’re entering a rising interest rate environment likely caused hesitation among investors last month,” he said. “With investors pulling back, the market is shifting more towards traditional and first-time buyers who rely on mortgages to purchase a home.”
According to NAR’s Profile of Home Buyers and Sellers, 81 percent of first-time buyers in 2013 who financed their purchase obtained a conventional or FHA loan1. Overall, first-time home buyers have been less prevalent from the housing recovery, representing less than a third of all buyers each month for the past two years.
Yun says first-time buyer participation should gradually improve despite tight credit conditions and the inevitable rise in rates. “The employment outlook for young adults is brightening and their incomes finally appear to be rising,” he said. “Jobs and income gains will help repay student debt and better position first-time buyers, setting the stage for improved sales growth in upcoming years.”
The Pending Home Sale Index in the Northeast slipped 3.0 percent to 86.5 in August, but is still 1.6 percent above a year ago. In the Midwest the index fell 2.1 percent to 102.4 in August, and is 7.6 percent below August 2013.
Bend Oregon Real Estate continues to be a good investment.
Pending home sales in the South decreased 1.4 percent to an index of 117.0 in August, unchanged from a year ago. The index in the West rose for the fourth consecutive month (2.6 percent) in August to 102.1, but still remains 2.6 percent below August 2013.
Existing-home sales are expected to be stronger in the second half of the year behind improved inventory conditions, continuously low interest rates and slower price growth. Overall, Yun forecasts existing-homes sales to be down 3.0 percent this year to 4.94 million, compared to 5.09 million sales of existing homes in 2013. The national median existing-home price is projected to grow between 5 and 6 percent this year and 4 and 5 percent next year.
Home sales in Bend Oregon remained about the same with it's typical fall slowdown. After four consecutive months of gains, existing-home sales slipped in August as investors paying in cash retreated from the market, according to the NAR. Sales increases in the Northeast and Midwest were outweighed by declines in the South and West.
Existing-home sales in the West fell 5.1 percent to an annual rate of 1.11 million in August, and are 9.8 percent below a year ago. The median price in the West was $301,900, which is 5.4 percent above August 2013.
Total existing-home sales , which are completed transactions that include single-family homes, town-homes, condominiums and co-ops, decreased 1.8 percent to a seasonally adjusted annual rate of 5.05 million in August from a slight downwardly-revised 5.14 million in July. Sales are at the second-highest pace of 2014, but remain 5.3 percent below the 5.33 million-unit level from last August, which was also the second-highest sales level of 2013.
Lawrence Yun, NAR chief economist, says sales activity remains stronger than earlier in the year, but fell last month as investors stepped away. "There was a marked decline in all-cash sales from investors,” he said. "On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.”
Yun adds, "As long as solid job growth continues, wages should eventually pick up to steadily improve purchasing power and help fully release the pent-up demand for buying.”
The median existing-home price for all housing types in August was $219,800, which is 4.8 percent above August 2013. This marks the 30th consecutive month of year-over-year price gains.
Total housing inventory at the end of August declined 1.7 percent to 2.31 million existing homes available for sale, which represents a 5.5-month supply at the current sales pace. However, unsold inventory is 4.5 percent higher than a year ago, when there were 2.21 million existing homes available for sale.
All-cash sales were 23 percent of transactions in August, dropping for the second consecutive month (29 percent in July) and representing the lowest overall share since December 2009 (22 percent). Individual investors, who account for many cash sales, purchased 12 percent of homes in August, down from 16 percent last month and 17 percent in August 2013. Sixty-four percent of investors paid cash in August.
NAR President Steve Brown, co-owner of Irongate, Inc., Realtors® in Dayton, Ohio, says a gradual decline in investor activity, many who pay in cash, is good for the market and creates more opportunity for buyers who rely on financing to purchase a home.
On the subject of mortgage financing, Brown adds, "Realtors® applaud the recent policy change to eliminate post-payment interest charges on FHA-insured single-family mortgages,” he said. "The prepayment penalty placed an unfair and unreasonable burden on consumers who already face high housing and closing costs.”
The percent share of first-time buyers remained unchanged in August from July at 29 percent. First-time buyers have represented less than 30 percent of all buyers in 16 of the past 17 months.
Distressed home sales represented 8 percent of August sales, remaining in the single-digits for the second straight month and down from 12 percent a year ago. Six percent of August sales were foreclosures and 2 percent were short sales. Foreclosures sold for an average discount of 14 percent below market value in August (20 percent in July), while short sales were discounted 10 percent (14 percent in July). Bank foreclosures in Bend are slowing down considerably.
Properties typically stayed on the market in August longer (53 days) than last month (48 days) and a year ago (43 days). Short sales were on the market for a median of 135 days in August, while foreclosures sold in 53 days and non-distressed homes typically took 52 days. Forty percent of homes sold in August were on the market for less than a month.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the fourth consecutive month to 4.12 percent in August from 4.13 percent in July, and remains at the lowest rate since June 2013 (4.07 percent).
Single-family home sales slipped 1.8 percent to a seasonally adjusted annual rate of 4.46 million in August from 4.54 million in July, and are now 4.9 percent below the 4.69 million pace a year ago. The median existing single-family home price was $220,600 in August, up 5.2 percent from August 2013.
Existing condominium and co-op sales declined 1.7 percent to a seasonally adjusted annual rate of 590,000 units in August from 600,000 in July, and are now 7.8 percent below the 640,000 unit pace a year ago. The median existing condo price was $213,900 in August, which is 2.1 percent higher than a year ago.
Regionally, August existing-home sales in the Northeast jumped 4.7 percent to an annual rate of 670,000, but remain 4.3 percent below a year ago. The median price in the Northeast was $265,800, which is 0.8 percent lower than a year ago.
In the Midwest, existing-home sales increased 2.5 percent to an annual level of 1.24 million in August, but remain 3.9 percent below August 2013. The median price in the Midwest was $173,800, up 5.9 percent from a year ago.
Existing-home sales in the South declined 4.2 percent to an annual rate of 2.03 million in August, and are now down 4.2 percent from August 2013. The median price in the South was $186,700, up 4.7 percent from a year ago.
Commercial real estate in Bend is looking up. Vacancy factors are down and demand is up. The commercial sector generally lags behind the residential market and the residential market is booming in Bend Oregon. Below is a report issued by the National Association of Realtors in August 2014.
The strong rebound in economic growth during the second quarter and ongoing job creation are gradually improving the outlook for all of the major commercial real estate sectors, according to® quarterly commercial real estate forecast.
Lawrence Yun, NAR chief economist, says after many false starts, the economy finally appears to be turning a corner to firmer ground. “The job market has been the bright spot of the economy this year as employers are feeling more confident about their growth prospects and adding to their payrolls,” he said. “This gradual turnaround from being overly cautious to more optimistic should slightly boost the demand for leasing and purchase activity as well as new construction projects in the upcoming year.”
Yun adds, “The economy can handle the inevitable rise in interest rates as long as commercial rents steadily rise to generate investor returns.”
National office vacancy rates are forecast to remain unchanged over the coming year, mostly due to added inventory entering the market. Rising exports and a shrinking trade deficit should lead to a declining vacancy rate for industrial space (0.4 percent), while retail space is forecast to decline 0.2 percent behind favorable gains in personal income and consumer spending.
“New construction for multifamily housing has picked up in recent months and looks to be alleviating the short supply,” said Yun. “However, the demand for rental housing continues to show strength. As a result, rent growth will outpace broad consumer inflation in upcoming years.”
NAR’s latest Commercial Real Estate Outlook offers overall projections for four major commercial sectors and analyzes quarterly data in the office, industrial, retail and multifamily markets. Historic data for metro areas were provided by REIS Inc., a source of commercial real estate performance information.
Office vacancy rates are forecast to remain unchanged at 15.7 percent through the third quarter of 2015.
Currently, the markets with the lowest office vacancy rates in the third quarter are Washington, D.C., at 9.3 percent; New York City, 9.6 percent; Little Rock, Ark., 11.5 percent; San Francisco, 12.4 percent; and New Orleans, at 12.7 percent.
Office rents are projected to increase 2.6 percent in 2014 and 3.2 percent next year. Net absorption of office space in the U.S., which includes the leasing of new space coming on the market as well as space in existing properties, is likely to total 36.2 million square feet this year and 50.7 million in 2015.
Industrial vacancy rates are expected to fall from 8.9 percent in the third quarter to 8.5 percent in the third quarter of 2015.
The areas with the lowest industrial vacancy rates currently are Orange County, Calif., with a vacancy rate of 3.5 percent; Los Angeles, 3.8 percent; Seattle, 5.9 percent; Miami, 6.1; and Palm Beach, Fla., at 6.6 percent.
Annual industrial rents should rise 2.4 percent this year and 2.8 percent in 2015. Net absorption of industrial space nationally is seen at 107.6 million square feet in 2014 and 104.9 million next year.
Vacancy rates in the retail market are expected to decline from 9.8 percent currently to 9.6 percent in the third quarter of 2015.
Currently, the markets with the lowest retail vacancy rates include San Francisco, at 3.5 percent; Fairfield County, Conn., 3.9 percent; San Jose, Calif., 4.6 percent; Long Island, N.Y., 5.2 percent; and Orange County, Calif., at 5.3 percent.
Average retail rents are forecast to rise 2.0 percent in 2014 and 2.4 percent next year. Net absorption of retail space is likely to total 11.2 million square feet this year and 19.3 million in 2015.
The apartment rental market – multifamily housing – should see vacancy rates slightly decline from 4.1 percent currently to 4.0 percent in the third quarter of 2015. Vacancy rates below 5 percent are generally considered a landlord’s market, with demand justifying higher rent.
Areas with the lowest multifamily vacancy rates currently are Orange County, Calif., Providence, R.I., and Sacramento, Calif., at 2.2 percent; and two Connecticut cities (New Haven and Hartford) at 2.5 percent.
Average apartment rents are projected to rise 4.0 this year and in 2015. Multifamily net absorption is expected to total 223,400 units in 2014 and 171,000 next year.
The NAR commercial community includes commercial members; commercial real estate boards; commercial committees, subcommittees and forums; and the NAR commercial affiliate organizations – CCIM Institute, Institute of Real Estate Management, Realtors® Land Institute, Society of Industrial and Office Realtors®, and Counselors of Real Estate.
Approximately 70,000 NAR and institute affiliate members specialize in commercial brokerage and related services, and an additional 283,000 members offer commercial real estate services as a secondary business.
The stock market it hitting on all time highs and there is talk of a bubble. Real estate investments in Bend Oregon look like a pretty good place to put you money right now. Bend Oregon real estate.
Pending home sales in Bend Oregon are up and according to the National Association of Realtors, pending home sales rebounded in July and have now risen in four of the last five months. All major regions experienced healthy gains except for the Midwest, which saw a slight decline.
The Pending Home Sales Index a forward-looking indicator based on contract signings, climbed 3.3 percent to 105.9 in July from 102.5 in June, but is still 2.1 percent below July 2013 (108.2). The index is at its highest level since August 2013 (107.1) and is above 100 – considered an average level of contract activity – for the third consecutive month.
Lawrence Yun, NAR chief economist, says favorable housing conditions are behind July’s higher contract activity. “Interest rates are lower than they were a year ago, price growth continues to moderate and total housing inventory is at its highest level since August 2012,” he said. “The increase in the number of new and existing homes for sale is creating less competition and is giving prospective buyers more time to review their options before submitting an offer.”
Yun adds, “More importantly, steady job additions to the economy are helping family finances and giving them added confidence to enter the market.”
The PHSI in the Northeast jumped 6.2 percent to 89.2 in July, and is 8.3 percent above a year ago. In the Midwest the index marginally fell 0.4 percent to 104.6 in July, and is 6.4 percent below July 2013.
Pending home sales in the South increased 4.2 percent to an index of 119.0 in July, and is now 1.0 percent below a year ago. The index in the West rose 4.0 percent in July to 99.5, but remains 6.0 percent below July 2013.
Yun expects existing-homes sales to be down 2.1 percent this year to 4.98 million, compared to 5.09 million sales of existing homes in 2013. The national median existing-home price is projected to grow between 5 and 6 percent this year and 4 and 5 percent next year.
Prices of Bend Oregon real estate continue to climb. It is definitely a seller's market.
Home sales in Bend continued to increase even with the reduction in inventory. New home sales are also increasing as there is now a profit margin for builders and their spec homes.
Existing-home sales in the West climbed 2.6 percent to an annual rate of 1.17 million in July, but remain 8.6 percent below a year ago. The median price in the West was $304,100, which is 6.3 percent above July 2013.
According to the National Association of Realtors®. Existing-home sales increased in July to their highest annual pace of the year, and the ongoing decline in distressed sales reached an important milestone.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 2.4 percent to a seasonally adjusted annual rate of 5.15 million in July from a downwardly-revised 5.03 million in June. Sales are at the highest pace of 2014 and have risen four consecutive months, but remain 4.3 percent below the 5.38 million-unit level from last July, which was the peak of 2013.
Lawrence Yun, NAR chief economist, says sales momentum is slowly building behind stronger job growth and improving inventory conditions. “The number of houses for sale is higher than a year ago and tamer price increases are giving prospective buyers less hesitation about entering the market,” he said. “More people are buying homes compared to earlier in the year and this trend should continue with interest rates remaining low and apartment rents on the rise.”
Yun does warn that affordability is likely to decline in upcoming years. “Although interest rates have fallen in recent months, median family incomes are still lagging behind price gains, and mortgage rates will inevitably rise with the upcoming changes in monetary policy,” he said.
The median existing-home price for all housing types in July was $222,900, which is 4.9 percent above July 2013. This marks the 29th consecutive month of year-over-year price gains.
Total housing inventory at the end of July rose 3.5 percent to 2.37 million existing homes available for sale, which represents a 5.5-month supply at the current sales pace. Unsold inventory is 5.8 percent higher than a year ago, when there were 2.24 million existing homes available for sale.
Distressed homes – foreclosures and short sales – accounted for 9 percent of July sales, down from 15 percent a year ago and the first time they were in the single-digits since NAR started tracking the category in October 2008. Six percent of July sales were foreclosures and 3 percent were short sales. Foreclosures sold for an average discount of 20 percent below market value in July, while short sales were discounted 14 percent.
Yun says the deepest housing wounds suffered during the Great Recession are beginning to fully heal. “To put it in perspective, distressed sales represented an average of 36 percent of sales during all of 2009,” he said. “Fast-forward to today and rising home values are helping owners recover equity and strong job creation are assisting those who may have fallen behind on their mortgage due to unemployment or underemployment.”
All-cash sales in July were 29 percent of transactions, down from 32 percent in June and representing the lowest overall share since January 2013 (28 percent). Individual investors, who account for many cash sales, purchased 16 percent of homes in July, unchanged from last month and July 2013. Sixty-nine percent of investors paid cash in July.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the third consecutive month to 4.13 percent in July from 4.16 percent in June, and remains the lowest rate since June 2013 (4.07 percent).
The percent share of first-time buyers in July rose slightly for the second straight month to 29 percent (28 percent in June), but remain historically low.
NAR President Steve Brown, co-owner of Irongate, Inc., Realtors® in Dayton, Ohio, says the new credit scoring calculation recently announced by Fair Isaac Corp., or FICO, will improve access to homeownership. “NAR supports efforts to broaden access to credit for qualified homebuyers, especially those who have been shut out of the housing market or forced to pay higher interest rates because of flawed credit scores,” he said. “A solid credit score is necessary to keep borrowing costs down.”
The median time on market for all homes was 48 days in July, up from 44 days in June; it was 42 days on market in July 2013. Short sales were on the market for a median of 93 days in July, while foreclosures sold in 58 days and non-distressed homes typically took 45 days. Forty percent of homes sold in July were on the market for less than a month.
Single-family home sales increased 2.7 percent to a seasonally adjusted annual rate of 4.55 million in July from 4.43 million in June, but remain 4.2 percent below the 4.75 million pace a year ago. The median existing single-family home price was $223,900 in July, up 5.1 percent from July 2013.
Existing condominium and co-op sales remained unchanged in July from June at an annual rate of 600,000 units, and are 4.8 percent below the 630,000 unit pace a year ago. The median existing condo price was $215,000 in July, which is 3.3 percent higher than a year ago.
Regionally, July existing-home sales in the Northeast stayed at an annual rate of 640,000 for the second consecutive month and are now 9.9 percent below a year ago. The median price in the Northeast was $273,600, an increase of 2.4 percent from July 2013.
In the Midwest, existing-home sales increased 1.7 percent to an annual level of 1.22 million in July, but remain 4.7 percent below July 2013. The median price in the Midwest was $175,200, up 4.1 percent from a year ago.
Existing-home sales in the South rose 3.4 percent to an annual rate of 2.12 million in July, and are now up slightly (0.5 percent) from July 2013. The median price in the South was $192,000, up 5.0 percent from a year ago.
Bend Oregon real estate is a great investment. I see our prices steadily increasing over the next several years. There are still some good buys on the market.
There's a new home under construction at 1680 NW Champion Circle in Bend. It's a single level home with triple car garage on a nice corner lot. To see this home go to Champion Circle.
Current Real Estate Trends
The Bend Oregon real estate market has bounced back with a vengeance. We are definitely in a seller's market. If a home is listed close to market value it will sell quickly. Supply of homes for sale is limited as compared to the demand for homes. Homes priced correctly are receiving multiple offers.
New Construction is booming and many homes are selling prior to completion. As previously mentioned, pricing is the key. I just sold a sale on River' Edge Golf Course. We had listed the home at $449,000 which we knew was high but we wanted to "test" the market. We had two showings but no offers the first week.
As listing broker I provide my sellers with the number of hits on the Multiple Listing web site that each listing receives. One is for the number of brokers and the other is the number of potential buyers. We had around 150 buyer hits and just over 100 Broker hits at $449,000.
I also provide my sellers with feed back from the brokers that show my listings. One broker said the home was over priced and dated. The other broker just said his buyers just were not interested period.
So the data provided showed us that there were numerous buyers and Brokers who had seen the property and the virtual tour I provide my clients but they were not entering the home. Our price was obviously too high so we lowered it $20,000 to $429,000 and I reset the counter for internet hits to zero.
We had over 200 buyer hits and 145 broker hits. We had three showings that weekend, two offers and more Brokers wanting to show it the next week. We sold it for the full price of $429,000.
It seems most buyers don't want to offer less than 5% below the list price. So the moral of story is:
Buyers - don't be afraid to make an offer. You never know what a seller will take. If I am representing a buyer I will contact the listing broker prior to writing an offer to see what the seller's motivation is.
Sellers-Don't wait for someone to make an offer if you are getting good internet activity but limited showings and no offers. A home in Bend that is priced right will sell quickly.
If you would like to see all homes currently for sale in the Bend Oregon Multiple Listing Service go to Bend Oregon Real Estate.
Solar Homes in Bend
More and more buyers of Bend Oregon real estate are looking to buy homes that are built to take advantage of solar gain. Sunshine is a free source of heat in Central Oregon.
There are two types of solar homes, passive and active. Passive solar homes don't have solar panels to generate electricity or hot water. Active systems can be expensive depending on how much the government is willing to give credits to the owner installing solar equipment.
For more information on passive solar home go to Bend Oregon Solar Homes.
Feel free to contact me for more information of building green/solar homes in Bend.
Bend Oregon Real Estate Prices
Most metropolitan areas continued to experience strong year-over-year price growth in the fourth quarter, according to the latest quarterly report by the National Association of Realtors®. A companion metro area annual affordability report shows less favorable conditions, particularly in the West.
The median existing single-family home price increased in 73 percent of measured markets, with 119 out of 164 metropolitan statistical areas showing gains based on closings in the fourth quarter compared with the fourth quarter of 2012. Forty-two areas, 26 percent, had double-digit increases, two were unchanged and 43 recorded lower median prices.
There were fewer rising markets than seen in the third quarter, when price increases were recorded in 88 percent of metro areas from a year earlier, with 33 percent rising at double-digit rates, reflecting a slowdown in price growth.
Lawrence Yun, NAR chief economist, said there are two ways of looking at the price gains. “The vast majority of homeowners have seen significant gains in equity over the past two years, which is helping the economy through increased consumer spending,” he said. “At the same time, home prices have been rising faster than incomes, while mortgage interest rates are above the record lows of a year ago. This is beginning to hamper housing affordability.”
The five most expensive housing markets in the fourth quarter were the San Jose, Calif., metro area, where the median existing single-family price was $775,000; San Francisco, $682,400; Honolulu, $670,800; Anaheim-Santa Ana, Calif., $666,300; and San Diego, where the median price was $476,800.
The five lowest-cost metro areas were Toledo, Ohio, with a median single-family price of $80,500; Rockford, Ill., $81,400; Cumberland, Md., at $89,500; Elmira, N.Y., $99,500; and South Bend, Ind., with a median price of $101,100.
The national median existing single-family home price was $196,900 in the fourth quarter, up 10.1 percent from $178,900 in the fourth quarter of 2012. In the third quarter the median price rose 12.5 percent from a year earlier.
The median price is where half of the homes sold for more and half sold for less. Distressed homes – foreclosures and short sales generally sold at discount – accounted for 14 percent of fourth quarter sales, down from 24 percent a year ago.
Yun said that tight supplies in many areas accounted for double-digit price growth. At the end of the fourth quarter there were 1.86 million existing homes available for sale, slightly above the fourth quarter of 2012, when 1.83 million homes were on the market. The average supply during the quarter was 4.9 months; it was 4.8 months in the fourth quarter of 2012. A supply of 6.0 to 6.5 months represents a rough balance between buyers and sellers.
Yun added, “New home construction activity needs to increase significantly in the fast appreciating markets to help relieve upward price pressure.” In 2013, housing starts totaled 924,000, well below the historic average of 1.5 million units that typically are needed.
“Added housing supply will help moderate price growth this year, and should help to stem erosion in affordability, but mortgage interest rates are projected to rise above 5 percent by the end of the year,” Yun said.
Total existing-home sales, including single-family and condo, fell 7.8 percent to a seasonally adjusted annual rate of 4.94 million in the fourth quarter from 5.36 million in the third quarter, but were 0.8 percent above the 4.90 million level during the fourth quarter of 2012.
According to Freddie Mac, the national commitment rate on a 30-year conventional fixed-rate mortgage averaged 4.30 percent in the fourth quarter, down from 4.44 percent in the third quarter; it was a record low 3.36 percent in the fourth quarter of 2012, with records dating back to 1971.
NAR’s national annual Housing Affordability Index, with breakouts for metropolitan areas, fell to 175.8 in 2013 from a record high 196.5 in 2012. For first-time buyers making small down payments, the affordability levels are relatively lower. The index is calculated on the relationship between median home price, median family income and average effective mortgage interest rate. The higher the index, the stronger household purchasing power; record keeping began in 1970.
An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments.
Metro areas with the greatest housing affordability conditions in 2013 include Toledo, Ohio, with an index of 395.4; Rockford, Ill., at 374.5; Decatur, Ill., 343.7; Lansing-East Lansing, Mich., 331.4; and Springfield, Ill., at 327.8.
In the condo sector, metro area condominium and cooperative prices – covering changes in 55 metro areas – showed the national median existing-condo price was $197,200 in the fourth quarter, up 10.7 percent from the fourth quarter of 2012. Forty-four metros showed increases in their median condo price from a year ago, one was unchanged and 10 areas had declines.
Regionally, total existing-home sales in the Northeast declined 7.1 percent in the fourth quarter, but are 7.1 percent above the fourth quarter of 2012. The median existing single-family home price in the Northeast was $241,000 in the fourth quarter, up 5.5 percent from a year ago.
In the Midwest, existing-home sales fell 9.1 percent in the fourth quarter, but are 2.0 percent higher than a year ago. The median existing single-family home price in the Midwest increased 7.0 percent to $152,400 in the fourth quarter from the same quarter a year ago.
Existing-home sales in the South declined 4.4 percent in the fourth quarter, but are 3.6 percent above the fourth quarter of 2012. The median existing single-family home price in the South was $173,000 in the fourth quarter, up 8.3 percent from a year earlier.
In the West, existing-home sales dropped 12.7 percent in the fourth quarter, and are 8.1 percent below a year ago. With notable inventory restrictions, the median existing single-family home price in the West jumped 15.5 percent to $286,200 in the fourth quarter from the fourth quarter of 2012.
Bend Oregon Real Estate is still a great buy. To search all homes in Bend Oregon click here. Bend Oregon MLS Search
Bend Oregon real estate sales (Pending) dropped slightly in December 2013. Nationally, Pending home sales measurably dropped in December, with abnormal weather partly inhibiting home shopping in much of the U.S., according to the National Association of Realtors. Declines were experienced in all four major regions.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 8.7 percent to 92.4 in December from a downwardly revised 101.2 in November, and is 8.8 percent below December 2012 when it was 101.3. The data reflect contracts but not closings, and are at the lowest level since October 2011, when the index was 92.2.
Lawrence Yun, NAR chief economist, said several factors are working against buyers. “Unusually disruptive weather across large stretches of the country in December forced people indoors and prevented some buyers from looking at homes or making offers,” he said. “Home prices rising faster than income is also giving pause to some potential buyers, while at the same time a lack of inventory means insufficient choice. Although it could take several months for us to get a clearer read on market momentum, job growth and pent-up demand are positive factors.”
The Pending Homes Sales Index in the Northeast dropped 10.3 percent to 74.1 in December, and is 5.5 percent below a year ago. In the Midwest the index declined 6.8 percent to 93.6 in December, and is 6.9 percent lower than December 2012. Pending home sales in the South fell 8.8 percent to an index of 104.9 in December, and are 6.9 percent below a year ago. The index in the West, which is most impacted by constrained inventory, dropped 9.8 percent in December to 85.7, and is 16.0 percent below December 2012.
Total existing-home sales this year should hold close to 5.1 million, essentially the same as 2013, but inventory remains limited in much of the country. The national median existing-home price is projected to rise about 5.4 percent in 2014.
Home sales in the Bend Oregon Real Estate Market remain strong and the outlook is for increased prices to continue.