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The latest figures from the Regional Multiple Listing Service demonstrate a marked cooling in Portland’s market for single-family homes.
In its July 9 report for the month of June for Metro Portland, RMLS noted big drops in activity compared to a year ago and to May 2022.
“Pending sales (2,563) decreased 27.5% from the 3,534 offers accepted in June 2021, and decreased 17.9% from the 3,122 offers accepted in May 2022,” the report said.
A chart of the interest rate on a 30-year fixed mortgage from Freddie Mac and the St. Louis Federal Reserve Bank shows a reason buyers have gotten cold feet.
The result: The inventory of homes for sale, which has trended downward in the past two summers, jumped from one month in May to 1.4 months in June, the highest level of inventory since June 2020.
The median sales price for homes in Metro Portland ticked down from $575,000 in May to $570,000 in June—still 9.4% higher than the median price in June 2021.
