IS BUYER FRUSTRATION SLOWING DOWN THE HOUSING MARKET? - Portland, OR & surrounding cities! 🏡🤦♀️🧐
As soon as Housing Inventory shows sustained growth over one month, I expect to see the Housing Market slow down. But the big question is, "What's driving the activity?"
We've seen mortgage rates hit 4% in March 2022 and cross the 5% mark between April and May 2022. That will force some home buyers out of the Housing Market, which lowers Housing Demand. But is that the primary driver?
August is a notorious month for buyer burnout. It's near the end of the hot summer market, and many buyers have spent months being outbid on house after house and need a break. It's also an excellent time to go on vacation before school starts, etc.
Housing Markets also have a natural slowdown after an extended "hot market", as we've experienced since early 2020. We've seen a similar slowdown in 2019, so it's helpful to use the last market slowdown and the years in between to gauge our current market.
I hope you find this information helpful. Feel free to contact me with any questions.🙋♀️Have a great day!