Overview/Fluctuations ~ April 2023 Market Data:
Inventory is creeping up, but just enough to meet where it was in February. If you look at last year/April vs this year, New, Pending and Sold categories are all down 28-38% and New & Pending sales are up slightly from the previous month. Basically, there are still not enough homes to meet demand & Buyers are out actively looking, so we’re recovering ground, but slowly. As with most things, the housing market is affected by the news cycle, and it would be reasonable to surmise that the brinksmanship on display in Washington is temporarily giving people pause.
Rates: “Rates have pushed into the mid to upper 6% range over the debt ceiling fight.” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-April 2023:
- There were 2,653 New Listings in April– which is down 28.0% from 3,684 in April 2022 and up 1.1% from the 2,623 in March 2023.
- At 1,707 April 2023’s Closed Sales (Solds) are down 38.6% from April 2022’s 2,782, and down 2.2% from the previous month/March 2023’s total of 1,745.
- At 2,164 April 2023’s Pending Sales (Accepted Offers) are down 28.0% from April 2022’s 3,005, and up 4.1% from the previous month/March’s total of 2,079.
- The Average Sale Price for April 2023 of, $606,100 is down $26,800 from last year/April 2022’s $632,900, and up $21,600 from the previous month/March’s $584,500.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in April 2023 of $530,000 dropped $30,000 from April 2022’s $560,000, & is up $5,000 from March 2023’s $525,000.
