Hi all,
Here are your key takeaways for the overall status of
Commercial and Residential Real Estate Markets in the Portland area.
Residential
While 30 year mortgage rates have been hovering around 7% for some time, there has been downward movement in the last few days. As of this writing, rates are around 6.875%. This rate shift comes as a result of the stock market responding to weakening manufacturing indexes in April and May. Demand for housing is generally tracking with the low supply, preventing any dramatic increases in pricing. In fact, the number of listings that have experiences price reductions in the last 30 days have climbed significantly, suggesting that brokers are pricing slightly too high or that the condition of listed homes is becoming increasingly relevant. Average and per square foot pricing overall, however have not dropped.
May experienced a slight increase in inventory, a trend that through the summer could provide buyers with a little more breathing room when evaluating potential purchases.
Multifamily
Retail & Restaurant
Office
Industrial
