The Month of June showed a fairly dramatic increase in months of inventory from 1.0 to 1.4 (a forty percent increase). This bump was due to an 11.5% increase in new listings (over May 2022) and a 17.9% decrease in pending sales over the same period. The slowdown is attributable to several things, not the least of which is that appreciation over the last twelve months has been a whopping 10%, and we know that we have not seen wages increase at that rate. On top of the appreciation, the increase in interest rates–approximately two and a half points–has led to a real lack of affordability. The bright spot in the Portland Metropolitan market was condo sales. They took off last month, partially due to affordability and maybe a return to higher density living as Covid concerns wane a bit. As always, if you're wondering how all of this affects your home's value, give us a call!