Housing prices drop in Portland, national sales down

Housing prices drop in Portland, national sales down

Some think the housing market may be cooling off for good

By: 
Posted: Nov 29, 2018 03:53 PM PST
Updated: Nov 29, 2018 05:34 PM PST

Across the United States, the number of newly built homes has gone through the roof - but many are sitting on the market without buyers. 
National sales are down nearly nine percent from a month ago while the number of new, unsold homes climbed to its highest level in nine years. 
It begs the question: Is the housing market cooling off for good? And what does this mean for the Portland area? 
According to the US Census Bureau and the US Department of Housing and Urban Development, national home sales overall were down 12 percent in October from the same time last year. 
But around the Pacific Northwest, some numbers reflected an even steeper decline. 
Tim Manickam, a broker at JMA Properties, said sales in some parts of Portland and Seattle were down around 20 percent. 
While this may be bad news for sellers, it could translate to lower prices for buyers. 
"I think 40-some percent of homes are having price reductions," said Krueger. 
Manickam said he sold a luxury condo in the Pearl District for well over $1 million this spring while the price on a similar unit dropped by 20 percent this fall. 
"I had listings in the spring where we had six and 10 and 15 multiple offers where buyers were pushing to buy a house and they are taking a step back," Manickam told KOIN 6 News. "There is a limit - there is usually a ceiling of how much they can go and how much they will go. We may be reaching that point today." 
Alyssa Isenstein Krueger, a broker at Living Room Realty, said the sale of homes listed at over $500,000 in Portland have slowed the most, along with homes that need work done on them. 
"This is a normal market, we were kind of on this extreme high for a few years," she said. "The trick is just to be patient." 
It remains to be seen whether the decline in sales is an indicator of the overall future of the housing market, or if it's simply a symptom of the season as the market naturally slows down in November and December. 
"I think it's been a seller's market for so long that the trend is definitely changing," said Manickam. 
The government will release numbers for November late next month. 
Source: https://www.koin.com/news/local/multnomah-county/housing-prices-drop-in-portland-national-sales-down/1627984564

Popular posts from this blog

Advice Young Adults Need to Avoid Buyer’s Remorse

Advice Young Adults Need to Avoid Buyer’s Remorse March 4, 2019 Most young adults have financial regrets about their home purchase, a new Bankrate survey shows, but much of their grief could have been avoided with proper planning. That’s where you come in: Younger buyers have a need for more professional guidance about the costs of homeownership. Sixty-three percent of millennial homeowners—more than any other generation—expressed buyer’s remorse, most often pertaining to closing costs, home maintenance, and other hidden expenses, according to the survey of more than 2,000 consumers. “When you buy a house, you can’t call the maintenance company or a landlord to fix major issues; it’s all on you,” says Luis Rosa, a financial planner in Henderson, Nev. Extra expenses, such as needing a new air conditioner, furnace, or water heater, often catch first-time buyers by surprise, Rosa adds. “I always advise home buyers to create savings buckets and open a savings account
Read more

Housing Slowdown Doesn’t Scare First-Time Buyers

Housing Slowdown Doesn’t Scare First-Time Buyers March 4, 2019 Despite recent declines in home sales, sluggish growth in single-family home construction, and mounting affordability concerns, first-time buyers are outperforming other segments of the market, according to a new report released by Genworth Mortgage Insurance. “The first-time home buyer market has been more resilient during the [housing] slowdown compared to repeat buyers,” writes Tian Liu, chief economist at Genworth Mortgage Insurance. About 482,000 first-time buyers purchased homes in the fourth quarter of 2018. Though that’s 3 percent lower than a year ago, it bests the 7 percent year-over-year decline in repeat buyer activity, according to the report. “This is a reminder that first-time home buyers differ from other buyer groups in terms of why they buy,” Liu notes. “Their purchase decisions are more likely driven by the fact that many are starting families and reaching peak homebuying ages. Even
Read more

What Buyers Should Ask After a Home Inspection

What Buyers Should Ask After a Home Inspection October 9, 2018 You are here Home News and Commentary Daily News What Buyers Should Ask After a Home Inspection Share Facebook Twitter LinkedIn Print October 9, 2018 After an inspector has finished a home report, buyers may feel overwhelmed by any flaws that might have been found. That’s why it’s important they take the opportunity to learn more so that they can move forward confidently in the transaction. A recent article at realtor.com® recommends home buyers ask their inspector clarifying questions like: “I don’t understand this; what does it mean?” or “Is this a major or minor problem?” and “Do I need to call in another expert for a follow-up?” Home inspectors are bound to uncover something in a home; no home is perfect. But the majority of the problems they uncover will likely be minor. Have the home inspector clarify which problems fall within the “minor” or “major” categories. Keep in mind: “The inspector can't tel
Read more