The RMLS Market Action provides a monthly update of the Portland Metro Area’s market activity, and its June 2018 report was just published. Anecdotally, it feels like we are starting to see a more substantial “leveling off” in the market place, and the latest data seems to support that feeling. Among other statistics, we’re seeing:
- An inventory level that’s above 2 months in June for the first time since at least 2015
- Less new, pending, and closed sales in June 2018 than in June 2017; indeed, June closings were at their lowest since 2014.
- A rise in year-over-year median sales prices of 6.7% from June 2017, which is below the double digit appreciation we’ve been seeing over the past few years.
See HERE for the full report. Of course, the question on everyone’s mind is if this signals another bursting bubble in the real estate market. Right now, it feels more like a return to normalcy after several years of unsustainable growth. It will certainly be worth monitoring if these trends indicate a longer-term plateau, the start of a downturn, or nothing more than the annual summer mini-swoon we see in the Portland market.
Feel free to get in touch with any questions or comments!