As a premier real estate advisor in Portland, Oregon, I'm excited to share this important update about the current state of the U.S. real estate market.
Despite the fluctuations that have been observed in the past year, the resilience of the housing market is undeniable. The median U.S. home-sale price is now hovering around $383,000, just $4,000 less than the all-time high recorded in June last year, according to a new report by Redfin, a tech-powered real estate brokerage.
This impressive price stability is largely due to the significant shortage of homes for sale. A drastic drop of 27% in new listings from a year earlier during the four weeks ending June 25 was observed, marking the biggest fall since the start of the pandemic. As a result, total homes for sale decreased by 11%, indicating the first double-digit drop in over a year.
The high mortgage rates are playing a crucial role in this scenario. As rates near 7%, homeowners are choosing to hold onto their properties to maintain their low rates, leading to a supply-demand mismatch. This doesn't mean buyers are absent. In fact, pending home sales, though down 15%, are much higher than the decrease in new listings.
This means that, even as the market has slowed from the frenzied pace of 18 months ago, buyers are still purchasing homes faster than new ones are being listed, keeping home prices elevated.
Living in the beautiful city of Portland, this is more than just data to me; it's an insight into our community's evolving landscape. It's about understanding the trends and adapting our strategies to ensure that those searching for their dream home in Portland can successfully navigate this dynamic market.
With all this in mind, I invite anyone interested in buying a home in Portland to reach out to me. Let's leverage these market trends to turn your real estate goals into reality.
For more detailed insights and personal consultation, schedule a call.
Together, let's explore what Portland's vibrant real estate market has to offer!
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