Is Portland’s real estate market cooling off? Yes and no, realtor explains by: Amanda Arden

Posted: Jul 11, 2022 / 05:36 PM PDT

Updated: Jul 11, 2022 / 05:44 PM PDT

Average home sale prices in the Portland area dropped in June

PORTLAND, Ore. (KOIN) – Portland’s housing market is showing signs it’s cooling ever so slightly. But even with recent changes, a local real
estate agent said it’s still a seller’s market and homes are still being snatched up quickly.

“You can only burn white-hot for so long,” explained Drew Coleman,
founder of Opt Real Estate in Portland.

He described the city’s real estate market as burning “white-hot” for
the last couple of years and now, he said it’s “red-hot” – meaning it’s
still competitive and fast-paced, but not quite as fast and furious as
it had been.

The June 2022 report from the Regional Multiple Listing Service said
listings were up 11.5% from May, but pending sales were down 17.9%.
Closed sales also decreased by 0.8%.

Coleman said these numbers indicate people are more hesitant to make
offers than they were a month ago. He thinks people might panic when
they see news that the interest rate is going up, but he said if people
want to buy a home, they should still have a conversation with a realtor
or lender.

“One thing for people to keep in mind is that you ‘date the rate, you
marry the house.’ So, you can buy the house now and if rates do come to
a different level and you can afford the payment now you have a chance
of getting an even better payment in the future,” he said.

One of the most significant changes in the latest RMLS report is the
amount of time homes are staying on the market. Inventory in June
increased to 1.4 months. Meaning it would take approximately 1.4 months
for the available inventory to sell.

This is the highest it’s been since June of 2020 when the inventory was
1.5 months. For most of 2021, the inventory was less than a month.

Yeah baby, the suffering just keeps going on and on and
on..............

TB

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