PORTLAND REAL ESTATE MARKET UPDATE- JULY 2022

The Time to Buy is Now!

If you’re thinking about purchasing a home, your time has arrived. So far this year, the housing inventory has been on a steady uprise compared to last year, making the possibilities of finding your perfect match less difficult. Having an increasing number of choices in your house hunt today might be just what you need to feel more confident in making a move.

As more research is conducted by Real Estate analyst professionals, we’re gaining more understanding of why the housing supply is growing so much this year. Based on a recent report conducted by realtor.com, we'relearning that higher mortgage rates coupled with home prices have helped alleviate the peak frenzy of buyer demand. This inventory growth is due primarily to homes staying on the market a bit longer than we’ve seen in a few months. 

How Does This Affect Me?

More housing supply for sale means you have more options in your home search. Keeping Current Matters recently explained why this growth is good news for you. Nationally, last month we saw the inventory of homes for sale on a typical day increase by 30.7% over the past year, which has proved to be the largest increase in inventory in the data history and even higher than June’s record-breaking growth rate of 18.7%. Additionally, interest rates are beginning to stabilize, lessening the stress of increased mortgage rates. This inventory growth is certainly good news for buyers and if you start your search today, those additional choices should make your house hunting efforts less strenuous compared to the past two years. 

If you feel ready to jump into this booming market and take advantage of the growth in supply of homes for sale, please reach out to a member of our team to schedule a time to meet and discuss your options!