August Market Update, Portland Metro Area

The latest market stats are out, and it’s still difficult to understand them without some context.

Prices are mostly down for the year compared to last year, as the first few months of this year were weak due to higher interest rates taking their toll on the market. This Summer, prices seem to have flattened out and perhaps will be on the rise again soon, as buyers seem to have adjusted their expectations based on higher rates seeming to be here for a while. We still have an extreme lack of homes for sale, and competition is fierce for the best homes. If prices do start to tick up again, anyone buying a home now will be glad that they braved the competition and got into a home at today’s prices.

What's it mean for buyers?

We still have very few homes on the market, and homes continue to sell quickly overall. Competition can be fierce for well-priced homes, so buyers face a tough market. But higher interest rates seem to have made their mark on demand and prices earlier this year, and buyers are now back in the market in full-force. Prices are forecast to rise again soon, creating a sense of urgency for many buyers.

What's it mean for sellers?

The low amount of homes for sale makes it a very attractive time to sell. We saw some buyers take a pause from home-buying earlier this year as interest rates rose, but it seems that buyers have adjusted their expectations and are back. Homes that are presented well and priced appropriately are selling quickly, and sellers can enter today’s market with more confidence than a few months ago.