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Portland Home Sales See Strong Gains in February

Find out why Portland home sales are up.The National Association of Realtors has just released the Pending Home Sales Index for February. The PHSI is based on contract signings and is a sign of how the market will perform in the coming months. February’s PHSI was 109.1, which is 3.5% higher than January’s 105.4. It’s also 0.7% higher than February 2015. Anyone on the market for a Portland home this spring should pay attention to what these numbers mean. Experts believe that two factors are driving the increase in the PHSI. The first is low interest rates, which have reached their lowest level in about a year. A small increase in housing inventory is the second factor.

Increased Inventory of Metro Portland Real Estate Driving Home Sales

If these trends continue, people on the market for metro Portland real estate might have an easier time negotiating a favorable price. More inventory means buyers can check out another Portland home if a seller won’t work with them on the price. Less competition makes for a less stressful buying experience and may lure people to the market who are waiting for prices to come down a bit and for bidding wars to subside. Real estate experts agree that for spring sales to increase over last year, inventory must increase, which it is expected to do.

Call our office to find out about the latest trends in Portland neighborhoods and get advice on buying and selling Portland real estate.

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