In the category of "head scratching at the new normal," the median price of a home this June of $559,000 has almost recovered back to its June 2022 high of $570,000...and that is with interest rates double what they were back then. As lenders compete to devise new ways to entice buyers back into the market and buyers continue deciding that they want to buy homes, regardless of the interest rate environment, we continue to see well-priced homes in the Portland market get snapped up. It is, however, more important than ever for sellers to price their homes appropriately and at a price that compels action, as folks want to feel like the value is there.
For a deeper dive into the national market and its trends, check out this chart from our favorite data site FRED, comparing what three indexes show as the direction of home pricing. All three indexes use slightly different methodologies, so this combined chart gives you a good sense of the aggregate. If you want to know if prices are going up or down nationwide, this chart is one to watch. As always, if you are curious to know how your house has fared, feel free to give us a call!
View the most recent market action report here>>