Homes are starting to pile up on the Portland market -- at least by the standards of the red-hot market of recent years.
There were more than 7,000 homes on the market at the end of September, according to the Regional Multiple Listing Service.
That's the most since 2014.
More homes have been coming on the market this year, and sales have slowed. The 2,272 homes sold in September represented a 15 percent drop from a year earlier. So far in 2018, sales are down 3.5 percent from last year.
Home prices had already reached a point where they're unaffordable to many middle-income families, and rising mortgage rates have further curbed buying power and slowed sales. Rents, meanwhile, have plateaued in parts of the market, reducing the urgency for potential buyers motivated by volatile housing costs.
The price to buy a home, however, continued to climb in September.
The median sale price for the month was $392,500, representing a typical seasonal decline from the summer months but up 3.3 percent from a year earlier.
Meanwhile, homes that sold in September spent an average of 45 days on the market, from the day it was listed to the day an offer was accepted. That's about a week longer than a year ago.
The 7,082 active listings at the end of the month represented a 3.1-month supply if September's sale pace continued. That still suggests a seller's market; a five- to six-month supply indicates a balanced market, with a bigger inventory suggesting a buyer's market.
-- Elliot Njus
