The Register-Guard in Eugene, Oregon wrote a very encouraging article for Eugene home buyers, which assesses the real estate market in Lane County, Oregon. The market is flush with homes and sellers are bound to continue lowering their prices.
Home sales in Lane County fell by 31 percent in January compared with a year ago, while pending sales were down by 24 percent, resulting in more homes staying on the market for longer periods of time. Median prices for homes in Lane County continue to rise, however, to $225,000, up 4.4 percent from January 2007. Median means that half the homes sold for more than that price, half for less. The average price was essentially flat in January compared to a year ago. The number of new listings fell by 6.1 percent, with fewer owners putting homes on the market. Although still low by national standards, foreclosures are increasing locally and banks are selling some homes for less than the original loan amount.
