What does the current housing market status?
There seems to be a lot of chatter about what’s going on in the current housing market today. You may have seen storylines that mention terms like cooling or slowing when discussing where the market currently is. What does that mean, and is it true?
Today’s housing market is anything but ordinary, and while it has shifted slightly, I don’t believe that it is cooling. It’s still a solid seller’s market. Although, we’ve seen a slight uptick in inventory, with available homes now at one month of stock rather than under one month. I certainly do not see this as an indication that the market is slowing down. Keep in mind that even in good markets in the Portland metro area, we usually saw available inventory of three months, so where we are at the moment still indicates a lack of inventory based on the current buyer demand.
We’re still seeing an above-average number of sales in the Portland metro area in the current housing market. We are also seeing it nationally. The most recent existing-home sales report from the National Association of Realtors stated a month-over-month decline from July to August of this year doesn’t provide a complete picture as the total number of sales in August of 2021 was well above the total number of sales in August of 2021. I believe we saw a bit of a lull late this summer because people were traveling for the first time in almost two years. People were also getting children back to in-person school after an 18-month hiatus.
Seasonally, pre-pandemic, we often saw a bit of cooling come October. During those markets, there was, however, more available inventory. As a result, homes are still selling at record speed. Appreciation comes from sellers month-over-month. Headlines have shown that the number of offers per listing has recently declined in the current housing market. When comparing this market to needs in previous years, it’s important to remember that the number of offers per listing is still higher than 39 of the last 45 months.
I don’t believe so. I think it’s still a perfect time for sellers to sell. Interested in learning more about the value of your home in the current market, I’d love to connect.
Continue to follow along on my blog as I address the housing market and other real estate-related items. I’ll also be sharing my journey through the market and real estate on my Instagram account.