As he does every quarter, Matthew Gardner – Windermere’s chief economist – has published his review of the Oregon and SW Washington economic conditions and how they are set to influence the housing market. A link to the full report can be found HERE. There are a few salient points that I’d like to recap below:
- Demand has softened slightly but low inventory levels have kept things competitive; his forecast is that supply won’t match demand until next spring.
- He is forecasting that interest rates might tick up next year, but not enough to change buying behavior too significantly; that being said, appreciation has been so hot that there might be an affordability cap coming soon, which will be a relief to homebuyers.
- Overall, his forecast is that with affordability becoming so much of a question, we may have already bypassed the peak of the “seller’s market” and could return to a more balanced market at some point next year. That being said, the overall data appears quite positive in his eyes.
I encourage you to check out his full report if you have any questions, and feel free to inquire with me how this information might impact your own real estate situation!