During the month of January, the residential real estate market was slow, which is typical for this time of year due to the cold weather and busy holiday schedules. The number of residential listings in Salem and Keizer decreased by 33% YoY, with 161 new listings compared to 243 in January 2022. Additionally, the total number of existing homes closed in January saw a 27.5% decline, with 113 closings compared to 153 in December 2022. Despite this slowdown, home values have remained consistent over the past year. The median value of a home is currently $405,500, compared to $385,000 in January 2022. This stability in home values is positive news for buyers, as they can anticipate values to remain unchanged throughout 2023, allowing for more informed decision-making when planning to purchase a home.
This recent low point in home sales activity is likely over. Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.
Lawrence Yun, NAR Chief Economist
Interest rates have continued to slow for 8 weeks in a row, however the experts are still uncertain about which direction the economy will go throughout the year. According to FRED, Federal Reserve Bank of St. Louis, the national average 30-year fixed loan interest rate is 6.13% as of January 26, 2023. That's .35% less than where we started the year at (6.48%). For an average home purchase of $500,000 with a 5% down payment, that's about a $3,170 monthly mortgage - a $106 monthly savings for the same property if purchased at the beginning of January 2023.
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