Economists predict Portland’s housing market may be softening - KPTV - FOX 12

Economists predict Portland’s housing market may be softening

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PORTLAND, OR (KPTV) -

After two years of unprecedented growth in the local real estate market, there are signs Portland's home prices could start to flatten out.

Matthew Gardner, Chief Economist for Windermere Real Estate, released his 2017-2018 economic forecast at a recent conference in Portland, speaking in front of hundreds of local realtors.

"Likely we'll see a slowing down in price growth going forward,” Gardner said. “Because ultimately you can't see home prices going up more than the actual money we're making."

Gardner also predicts a downturn in the local economy, which is in line with forecasts from the State of Oregon, which predict a decline in state revenues.

Although Portland's real estate market is partially insulated against an economic slowdown due to a greater demand for homes than existing supply, Gardner said a downturn in the economy would only contribute to cooling off in home prices.

Andrew Berlinberg, Principal Realtor with Keller Williams in Beaverton, said he's already seeing fewer competing offers on homes.

"On the east side, instead of ten offers, you might be encountering four or five,” Berlinberg said. “Now is a phenomenal time to buy because there's a lot less competition."

Although home prices are expected to hold steady over the next two years, Berlinberg said the double-digit growth the market has been experiencing is unsustainable.

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