July '24 Portland Realty Update

The Rob Levy Team

Rob Levy, Caity Abouaf

And in partnership with Pat Weiss*

Portland Real Estate Update

July, 2024 Update

Over 70 Years Combined Experience, Since 1988

Portland Market as of June 2024 Month End

This image is a snapshot showing what the Portland metro real estate market is like as of the end of June, 2024 when compared to the same month in 2023, and the previous month. You can see that average home prices are actually up only 1.5% in the past year, and the same 1.1% from last month. Remember though this price is for all property types, including condos so detached homes are higher. Inventory though has climbed a lot, up some 31.8% over last year but also up 9.7% over last month. Many sellers were holding out selling due to the high cost of a new mortgage, but many now are selling anyway. Click on the image to see the full seven page report.

Do Home Sales Increase in Election Years?

It appears the answer is "yes, they mostly do" as they have risen in 7 of the last 8 national elections. However home sales usually slow in November every year, but quickly bounce back and rise the following year. Prices usually then keep rising and mortgage rates come down slightly. presidential elections usually have a small and temporary impact on the housing market.

What About Mortgage Rates?

Looking at the last 11 presidential election years, mortgage rates have historically come down slightly from July to November. Interestingly as of this writing (yes, I know I am late this month) rates today are available at 6.5% with less than 1% fee for the first time in quite a while. We industry veterans feel that when rates get below 6%, and particularly when they hit 5.5% the market will go crazy, and with no inventory that probably means multiple offers will come back.

So When Will the Fed Cut Rates?

It looks like September! Given all the news of inflation lowering a lot, and unemployment rising slightly the forecast now is for the Fed to lower rates by 1/4 to 1/2% this coming September. per above, with mortgage interest rate drops from the mid 7% range to the mid 6% range, the expected cut may be "baked in" to the current rates, so mortgage rates may not drop much more - for now. However it will have an effect on credit card debt rates which are very high right now.

Search ALL Portland Area Homes

Click on the link below, or the image to search the Portland area MLS for all single family, condo, or multi-family homes in the Portland metro area. The site also includes some pre-defined common searches on the right side, and also always shows the most recent 20 listed properties in the metro area. Be sure to SAVE your search, that way you will always be notified of any new matches as they happen. Click on the photo to search now!

Thanks for checking out this newsletter, and for supporting our real estate team for all these years. We are always available for you. ROB LEVY, CAITY ABOUAF and PAT WEISS

*Pat Weiss is licensed with Oregon Referral Partners, LLC. Same address as below.

Give Us a Call

(503) 906-1444

Now More Than Ever, Experience Matters

The Rob Levy Team, Rob Levy Principal Broker and Caity Abouaf, Broker

Keller Williams Realty Professionals / Main Office (503) 546-9955