I read a great article in CNN this morning that shows the national home market is starting a rebound. Nationally homes sales are up with buyers taking advantage of low prices, low interest rates and in some cases tax credits. Read the Article here.
Portland numbers look something like this:
Last January we had 1,908 new listings and 479 closed sales in Multnomah County
This January we’ll have 1,373 new listings and 250 closed sales in Multnomah County
These numbers indicate that prices will feel presure to go down until the number of closed sales starts to increase. But like we’re seeing nationally, there comes a point where homes become more affordable and an entirely new level of buyers are able to make purchases and lower the inventory.