August Market Report The August Lull Rates to 6% Portland's Best Food Carts Covid-19 Update

On the contrary, in Southwest Washington, inventory in August remained almost the same (from 1.9 months to 1.8). Pending sales slipped a little as did new listings (from 978 to 813). Both the median and average sale price increased from July (from $529,400 to $531k and from $582,800 to $605,300 respectively), and market time increased from 24 days to 28.

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.

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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.

Mortgage rates top 6% for first time since 2008 housing crash

By The Associated Press

Average long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market.

Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 6.02% from 5.89% last week. The long-term average rate has more than doubled since a year ago and is the highest it’s been since November of 2008, just after the housing market collapse triggered the Great Recession. One year ago, the rate stood at 2.86%.

Read the full article here.

Portland’s best new food carts of 2022

By Michael Russell | The Oregonian/OregonLiveLizzy Acker | The Oregonian/OregonLive

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Perhaps it’s the lingering effects of the pandemic, or rising food-world inflation, but at a time when a date for two at many new Portland restaurants can cost upwards of $300 with tip, new carts seemed to redouble their focus on comfort food, at a fair price.

To bring you this guide, we visited more than 70 distinct food cart pods from Troutdale to Forest Grove (with many of those miles logged by bike), hunting for interesting carts that opened in the past year or so. Along the way, we enjoyed burgers topped with smoked pork belly at Wolf’s Head Burgerhouse (4250 S.W. Rose Biggi Ave., Beaverton) or made on sweet Portuguese muffins at Bolo (1505 N.E. Alberta St.); sandwiches stacked deli-style at Goodman Charlie’s (818 S.E. Ankeny St.) or stuffed with ham, eggs and Hollandaise at Chubby Bunny (3423 S.E. Belmont St.); and flaky empanadas at both La Carreta Pura Vida (at Portland Mercado, 7238 S.E. Foster Road) and PK’s (6035 N.E. Halsey St.). We had chicken wings smothered in vibrant green sauce at Texicano (1080 S.E. Madison St.); good pulled pork, chips and queso at Wonderboy’s Smokestack (5916 N. Greeley Ave.); chorizo pierogies from the unique Russian-Mexican menu at Rusa (1122 S.E. Tacoma St.); chili cheese dogs at The Tortoise Shell (4400 N.E. Glisan St.); personal pies from Free Pizza (4604 S.W. Vermont Ave.); and more birria tacos than we care to disclose.

Consider those our honorable mentions. Below, find our 10 favorite new food carts of 2022.

Read the full article here.