July Market Update, Portland Metro Area

The latest real estate stats are out, showing how the month of June performed relative to previous months and years. In most parts of the Portland Metro Area, we’re seeing small price declines, but homes are still selling quickly due to a near-historic lack of homes for sale. Interest rates remain significantly higher than they were in the last few years, which means many people are not selling their home or buying a new one because the cost of financing a new home would be so much higher than their existing mortgage. Of course, some people are still selling due to life changes, moving out of the area, and other factors, and plenty of people are still moving into the area, snatching up available homes fairly quickly.

What's it mean for buyers?

The market provides opportunities for buyers who are willing to brave the higher interest rates. Prices have flattened and shown small decreases in some areas, but the lack of homes for sale means there is still competition for desirable, well-priced homes. Late Summer is typically a slower time for the market, so buyers would be smart to look hard right now.

What's it mean for sellers?

We still have near-record-low amounts of homes for sale, making it a smart time to sell your home. We are currently in the typical late-Summer lull, but Fall always brings buyers out of the woodwork and demand will likely be high. Now is the time for anyone thinking of selling to start the process, so that your home can be totally dialed and ready to hit the market this Fall.