Home buyers gain edge in Portland market
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It's a buyer's market in real estate — if you can afford it.
Driving the news: There were nearly 2,500 more home sellers than buyers in the Portland housing market as of April, Redfin estimates.
- That's a big reversal from just a few years ago, when home buyers were desperate to find a place to live, sending prices into the stratosphere.
By the numbers: There were 9,963 home sellers and 7,526 buyers in Portland in April, a difference of more than 32%, per Redfin.
- That's close to the national rate of 33.7%, which is the largest margin since Redfin began tracking the stats in 2013.
- A year ago, sellers outnumbered buyers by just 6.5% nationally, and two years ago, buyers outnumbered sellers.
Yes, but: Buying a home is still far out of reach for most Americans, as the National Association of Realtors pointed out in a recent report.
- Portland's median home price in 2019 was roughly $385,000, compared to more than $550,000 in April.
What to watch: Historically, when sellers outnumber buyers, prices drop. And in some markets, prices have already started falling.
- Year-over-year prices were still rising in Portland, per Redfin, but only by 0.4%.
The bottom line: "The balance of power in the U.S. housing market has shifted toward buyers, but a lot of sellers have yet to see or accept the writing on the wall," Redfin senior economist Asad Khan said in the report.