ARE THE HIGHER MORTGAGE RATES AFFECTING THE SPEED OF THE HOUSING MARKET in Portland, OR & beyond?
Are the higher mortgage rates affecting the speed of the Housing Market in Portland, OR & beyond? Days-on-Market (DOM) is a critically important trend because it instantly tells you the speed of the Housing Market, and the speed of the Housing Market tells you everything you need to know as a home buyer or seller. If the location has a consistent DOM under 10 days, it's a fast-moving market with bidding wars and rising prices. As that DOM increases above the 10-day mark towards the 20s or 30s, you can expect a slower market with less competition and the ability to negotiate prices.
In August 2023, two out of 12 locations had a DOM under 10 days.
In September 2023, three out of 12 locations have a DOM under 10 days.
Now, let's compare the month of September from 2019 to 2023. September 2023 is slower than September 2020 & 2021 but is similar to September 2019 & 2022.
We've had these higher mortgage rates for over a year, which clearly affect the speed of the Housing Market. However, given that the September 2019 Housing Market is showing a similar speed, it may have a less significant effect than initially suspected since the rates in September 2019 were still under 4%
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This video is part of a series called Trend Watch, where I create a set of videos featuring the most critical Housing Market trends and run them every month so that you can understand how trends work and watch the changes month by month.
I hope you find this information helpful.
Please remember I'm always here for any questions. 😃
Take care, Sheryl