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Nearly half the houses for sale in the Portland metro area saw price cuts recently, according to Redfin data.
Zoom in: Portland's housing availability crisis is continuing to slow down home sales, and pricing drops could potentially entice buyers to take action.
- Yes, but: The median sale price in Portland is still high — hovering around $524,000 — though down 4.6% year-over-year, per Redfin.
Flashback: Price cuts surged nationwide in 2022, partly because rising mortgage rates caused home shoppers to back out of the market.
What they're saying: "A housing market that for years has been defined by fast sales and few options is starting to look more like it did before the pandemic in terms of competition among buyers and their negotiating power," Zillow chief economist Skylar Olsen says.
What's next: Many real estate agents expect competition to heat up once summer vacation ends and kids are back in school.