Portland housing listings go stale amid buyer pullback
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Rising inventory and sluggish demand have left many Portland home sellers sitting on listings for months, with no buyers in sight.
Why it matters: As more homeowners with low mortgage rates have opted to sell, listings in Portland are piling up — many to the point of going "stale," per a new Redfin report.
By the numbers: 41% of Portland's listings in April had been on the market for 60 days or longer without going under contract, per the latest Redfin data.
What they're saying: "A huge pop of listings hit the market at the start of spring, and there weren't enough buyers," real estate agent Matt Purdy said in the report.
The big picture: Portland isn't alone. Across the country, there was nearly $700 billion worth of inventory for sale in April — a new high in Redfin data going back to 2012.
- More than $330 billion — or about 44% of those home listings — sat for at least two months without a buyer. That's the biggest share for April since the pandemic froze the market.
Between the lines: Despite a record number of homes to choose from, it's hard for buyers, especially first-timers, to afford one.
- Many are sidelined by still-high prices, mortgage rates near 7% and broader economic uncertainty.
What we're watching: As house hunters gain negotiating power, some would-be sellers may hold off.