A small victory for the market: inventory didn’t increase last month and actually declined .2 months (about six days). There are 15,567 residential properties on the market. That’s the good news. The rest is more of what we expected: decline in pending and closed transactions and a 12 month appreciation of 6.7%.
After its lowest reported rate of 88% in July, affordability improved to 94% in September carried by lower interest rates and a lower median sales price. This means that a family living in the Portland Metro area making the median income ($63,800 per HUD) cannot afford to purchase a median priced home in the
area ($283,500 in September). According to the NAR formula, a median income family can only afford
94% of a monthly mortgage payment with 20% down and a 30-year fixed rate (6.38%, according to Freddie Mac).