Home sales, prices, drop - The Register-Guard

Aug 19, 2008 1:30 PM - The number of new listings of homes for sale, as well as sales prices and completed sales, all dropped in July compared with July 2007, according to the Regional Multiple Listing Services monthly report.

Marie Due, a real estate agent with Barnhart Associates Real Estate and president of the Eugene Association of Realtors, characterized the market as pretty

We know there are areas (elsewhere) where its two or three years worth of inventory on the market, she said. We know were just fine.

The number of closed sales declined 19.4 percent, from 371 in July 2007 to 299 last month. Pending sales fell by 31.9 percent, from 433 to 295.

The median sales price declined 4.9 percent, from $241,900 to $230,000. The average sales price declined 4.3 percent, from $272,400 to $260,700.

Comparing the rolling sales prices for the 12 months ending in July 2008 with those for the 12 months ending in July 2007, the median sale price declined 3.2 percent ($234,900 to $227,500) and the average sales price fell 2.8 percent ($264,900 to $257,400).

New listings declined 10.4 percent, from 762 in July 2007 to 683 last month. Year to date, new listings declined 7.6 percent.

At the July rate of sales, the 2,632 listings in Lane County would be on the market for about 8.8 months, compared with six months in July 2007, according to the market survey released by RMLS.

Due said how quickly a house sells depends on its price range. Those listing for less than $300,000 are moving along nicely, while sales of homes listing for $300,000 to $600,000 are more sluggish, she said.

But even as the market goes through some rough patches, people still need to buy and sell houses, she said.

Shaunna Durham, a broker with Windermere Real Estate in Springfield, said the subprime mortgage crisis has made it more difficult for some would-be homebuyers to qualify for loans, and that means fewer buyers in the market.

Durham said her own numbers show that Eugene and Springfield have about 7.8 months worth of inventory, about one month less than all of Lane County.

Thats because homes in outlying areas take longer to sell because of the high gas prices, she said.

If the price of gas stays high, its going to keep affecting people, she said. If theyre looking at doubling their bills because of gas, then theyre not going to be able to afford house payments. !-- !--