In last stretch of summer, Portland housing market remains hot - KPTV - FOX 12

In last stretch of summer, Portland housing market remains hot

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PORTLAND, OR (KPTV) -

Despite a slight uptick in listings, realtors said the Portland metro area is still an extremely hot housing market in the final stretch of summer.

Experts did note a brief lull in the market for a couple weeks in the end of July, described as the annual ‘vacation effect’ where buyers and sellers take a break as they enjoy summer activities and trips.

In this stretch, Nick Krautter of Keller Williams Portland said his team did notice some homes actually drop in price, and fewer buyers competing for the same house.

“There’s some buyers that are not actively looking right now, and so the competitive offer situations have cooled a little bit,” Krautter said, adding that there’s still fierce competition among buyers in lower price points.

First-time home buyer Kathryn Green said she had to increase her budget to buy a home in Portland.

Green and her family just moved from a small apartment in Los Angeles to the home they recently bought in southwest Portland. The family got the keys Tuesday – a relief Green said, since they’d already lost two homes in the three months they’d been looking.

“It felt a little bit like being in a pressure cooker,” Green said. “Especially being a first-time home buyer.”

“It was like a lot of pressure,” Green said. “Like you want it? Yes or no? And it got to the point where it didn’t matter. It was like say ‘yes.’”

Record-high prices have driven some buyers out of the market all together. In June, the average cost of a home in Portland was $412,000. Home prices have increased about 12 percent in the last year.

Krautter believes out-of-state buyers will continue to drive prices up. He says from the perspective of a buyer from the San Francisco Bay area or New York, Portland is still cheap.

“We’ll see prices increase. Our inventory is still very low,” Krautter said. “It’s still a seller’s market and when you have that low of inventory prices have to go up.”

For a healthy housing market, Krautter said there would need to be four times as many homes listed in the metro area.

Green said she was able to offer asking price for the home she just purchased. She was also surprised there weren’t any other offers on the house, although she said she didn’t waste any time deciding.

“We got it the second it popped up. We looked at the pictures and we were like ‘boom,’” Green said. “You’re writing the biggest check of your life, and you’re doing it from the internet and from pictures.” 

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