The real estate market is giving us some interesting vibes, but staying warm as the seasons change. Here’s the scoop:
Interest rates over the past few weeks, have fallen to their lowest levels since February 2023, largely in anticipation of the upcoming Federal Reserve meeting on September 18th. Many lending institutions have already adjusted their pricing to reflect this expectation. As a result, buyers in the market right now could be in a favorable position. Experts are predicting a potential drop in rates between 0.25% and 0.50% on the federal rate. However, if the Fed doesn’t announce a decrease of at least 0.50%, will we may see mortgage rates rise? We’ll know sooner than later.
Housing supply (inventory) is the highest it’s been since November of 2023, despite fewer homes hitting the market this month, down 8.7% from this time last year. August is traditionally one of the slowest months for sales in Real Estate due to focus on end of summer activities and back to school for many would-be buyers and sellers.
Time on market has increased with Buyers taking their time, waiting for that perfect home, or the not-so-perfect home to drop in price. As a result, it is taking an average of 48 days for homes to land a buyer, a 4-day increase from last month and 10 days longer than this time last year.
Even with fewer transactions and an increase of days on market, prices continue to steadily climb! While August values took a small and historically consistent dip from July, home values have increased 2.1% from this time last year. Average price for a home in the Portland Metro area is $620,800. Investing in real estate continues to prove being a great source for long-term gains…also serving as the roof over your head!
Whether you’re a buyer, seller, or just curious we are here to help if you’re ready to make a move. Send us a message to get started on your personalized #HomeBuying or #HomeSelling journey.
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