The fall market is in full force, with both good and not so great news for people looking to live in Portland. Low inventory is predicted to continue. As of August, for existing homes, there was about five months’ worth of inventory on the market, which is a drop of 1.7% from last year. For new homes, there is inventory for 4.7 months, which is about three weeks less than the same time last year. This means that there is more competition for Portland property.
On the other hand, the housing market has fewer foreclosed properties going for cheap, which means that cash buyers looking for a quick investment are dropping out of the market. Cash buyers are also dropping out as mortgage rates climb. Economists estimate the 30-year fixed rate may be at just under 4.5% by the end of the year.
Housing prices are also on an upward trajectory. From July 2014 to July 2015, prices climed 4.7%, according to Standard & Poor’s housing price index. At the same time, some economists are predicting that lending standards may relax a bit.
They say all real estate is local, so people who would like to live in Portland and either buy or sell a home should contact a Portland real estate agent to find out how national housing trends are affecting the local market.