More than 6% of Portland homes listed in May risked selling at a loss, according to Redfin.
The big picture: There are a lot more sellers than buyers in the U.S. real estate market, a report from the real estate site found.
A small but growing share of sellers nationwide could potentially sell their homes for less than they paid for them.
By the numbers: Nearly 6% of U.S. homes for sale risked selling at a loss in May, up from 4% a year earlier, though still historically low, per the report.
Portland is still doing better than other high-priced metros on the West Coast. San Francisco (20%) and Oakland (11%), for instance, were both in the top three for share of homes at risk.
Between the lines: Homes purchased after July 2022, as prices soared to new highs, are more likely to sell at a loss than those bought during or before.
With prices now softening, "sellers are in a position where they may need to choose between accepting a lower price, or taking the home off the market," Redfin senior economist Asad Khan said in the report.
Reality check: There is still a difference between taking a loss and being underwater, or owing more money to your lender than the house is worth.
Nearly all sellers hold enough equity in their homes to sell them for more than what they still owe on their mortgages, according to Redfin.