Here’s what you need to know about the latest housing numbers.
What’s happening in our real estate market? Today I want to share the latest numbers and explain what they mean for you. First, I’ll compare the numbers from July 2022 to July 2021.
Portland Metro
- Active listings: Down 5%
- Pending listings: Down 14%
- Sold listings: Down 11%
Clark County
- Active listings: Down 2%
- Pending listings: Down 13%
- Sold listings: Down 11%
Things have definitely changed. Many experts predicted that our market would slow down due to rising interest rates, and we can definitely see that in these numbers. So how has our market fared month over month?
Portland Metro
- Active listings: Down 13%
- Pending listings: Down 23%
- Sold listings: Down 43%
You may look at those numbers and think that our market is crashing, but it’s important to remember that our pandemic market was a bit of an anomaly. Instead, let’s compare our current numbers to our last “normal” market, which was in 2019.
Portland Metro
- Active listings: Down 9%
- Pending listings: Down 2%
- Sold listings: Up 7%
As you can see, these numbers are much less concerning. In fact, sold listings are up. I’m not telling you that our market is going back to the crazy-fast pace we saw in 2021. Instead, it looks like our market is returning to where it was before the pandemic, which is still fantastic.
I don’t believe you have to worry about a crash. Inventory is increasing, but it’s still historically low. Millennials are still entering the market as first-time buyers, and there still aren’t enough homes to meet demand. As long as this remains the case, home prices will stay high.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!
