Portland Monthly: Will the Portland Housing Market Snap Out of Its August Lull?
Or will we look back on summer of 2022 as the start of a buyers’ market?
By Julia Silverman September 13, 2022
The Portland real estate market traditionally goes through an August lull, and this year is no exception.
But is this the state of a sustained downturn in prices, or simply a momentary respite? The short answer: It’s too soon to tell. Realtors say the market typically picks up again in September and October, so by the end of the year, we’ll know whether Portland is truly becoming more favorable to buyers, after years of a sustained sellers’ market.
In the meantime, in August, throughout the metro area, average and median sale prices continued a three-month slide, according to new data available from the Real Estate Master Listing Service, or RMLS. The average home sale price in August was $607,700, a significant drop from July’s $635,700. Houses were sitting on the market longer too, for an average of 28 days, up from 20 in July.
On the other hand, the number of newly-listed homes on the market decreased slightly—from 3,763 in July to 3,209 in August, though historically, would-be sellers do wait until the end of summer vacation season to list their properties.
There are other definite warning signs too. In every quadrant of Portland, and in every suburb, without exception, there are fewer pending sales so far this year than there were at the same time in 2021; year-over-year sales are down more than 40 percent in Hillsboro and Forest Grove, nearly 38 percent in Milwaukie and Clackamas, and almost 30 percent in Southeast Portland.
In the meantime, here’s a quick look at where prices fell the most last month for neighborhoods in Portland and in its suburbs, plus two places where it ticked up.
Read the full article here.