Portland Real Estate Market Experiences Mixed Trends in June 2023

The Portland real estate market experienced a series of mixed trends in June 2023, according to the latest data released by the housing industry. While new listings saw a slight increase from the previous month, pending and closed sales witnessed a decline. Additionally, there were notable changes in inventory levels and average sale prices, indicating a shifting landscape for homebuyers and sellers.

New listings in PDX in June 2023 amounted to 3,298, showing a decrease of 23.2% compared to the 4,295 listings recorded during the same period in the previous year. However, there was a 1.8% increase when compared to May 2023, which had 3,240 new listings. This suggests a slowdown in the rate of homes hitting the market compared to the previous year, potentially affecting the choices available to prospective buyers.

Pending sales, which reflect the number of offers accepted but not yet closed, experienced a decline of 11.4% from June 2022. There were 2,272 pending sales during the month, down from 2,563 offers accepted in the previous year. Additionally, pending sales decreased by 4.5% from May 2023, when 2,379 offers were accepted. This decrease indicates a reduced level of buyer activity in the market, which may be influenced by various factors such as affordability and market uncertainty.

Closed sales, representing the completed transactions, saw a significant decrease of 27.9% from June 2022. In June 2023, there were 2,085 closings, down from 2,893 in the same month the previous year. However, there was a positive change of 3.8% from May 2023, which recorded 2,008 closings. The decline in closed sales suggests a slower pace of completed transactions compared to the previous year, potentially indicating a more cautious approach among buyers and sellers.

In terms of inventory in the Portland Metro, there was an increase to 2.0 months in June 2023. This figure represents the amount of time it would take to sell all current listings at the current sales pace. The total market time decreased to 33 days, indicating a faster-moving market compared to previous months. The increase in inventory suggests a slight improvement in housing supply, which may provide buyers with more options and potentially alleviate some of the competitive pressures observed in recent times.

When comparing the year-to-date summary for the first six months of 2023 to the same period in 2022, there was a decline across various metrics. New listings during this period decreased by 23.3% to 15,753, pending sales decreased by 26.4% to 11,791, and closed sales decreased by 32.7% to 10,326. These figures illustrate the broader trend of decreased activity in the residential real estate market compared to the previous year, potentially reflecting changing market conditions and buyer sentiment.

Finally, the average and median sale price in Portland also experienced a decline when comparing 2023 to 2022 through June. The average sale price decreased by 3.7% from $618,500 to $595,700, while the median sale price decreased by 3.6% from $550,000 to $530,000. These price reductions indicate a cooling of the market and a potential opportunity for buyers seeking more affordable housing options. However, it is important to note that these figures are averages and medians, and individual neighborhoods or property types may exhibit different trends.

In conclusion, the zoomed in Portland real estate market demonstrated mixed trends in June 2023. While new listings experienced a slight increase, pending and closed sales declined, potentially indicating a more cautious approach among buyers and sellers. The increase in inventory and decrease in average and median sale prices suggest a shifting landscape that may provide some relief for buyers. However, it is crucial to monitor the market closely as conditions continue to evolve and vary across different regions. List With A Top Realtor In The Portland Metro 3.5% Total Listing Commission

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