May 2022 - HOUSING INVENTORY INCREASING! - Portland, Oregon & more! 🏡🙋‍♀️

Housing Inventory is increasing! Not massive amounts, but looking year on year, we can see that in May 2021, only NW Portland had over one month of Housing Inventory. Now in May 2022, NW Portland, SW Portland, and Happy Valley have over one month of inventory. And when we compare every location year-on-year, all but NW Portland have increased, with six locations (North Portland, NE Portland, SE Portland, Tigard, Lake Oswego, and Milwaukie) showing double-digit increases and four locations (Hillsboro, Beaverton, Happy Valley, and Gresham) showing triple-digit gains! What's driving this increase in Housing Inventory?

Looking at the year-on-year comparison in Housing Supply, we see that all but NW Portland and SW Portland have increased. With six locations (NE Portland, SE Portland, Tigard, Milwaukie, Happy Valley, and Gresham) showing double-digit increases and two locations (Hillsboro and Beaverton) showing triple-digits increases.

Conversely, the year-on-year comparison in Housing Demand shows that every location has decreased, with 11 out of the 12 (North Portland, NE Portland, SW Portland, NW Portland, Hillsboro, Beaverton, Tigard, Lake Oswego, Milwaukie, Happy Valley, and Gresham) showing double-digit decreases.

While this is excellent news and a trend we hope continues, we still need to remember that 9 out of the 12 locations (North Portland, NE Portland, SE Portland, Hillsboro, Beaverton, Tigard, Lake Oswego, Milwaukie, and Gresham) still have less than one month of Housing Inventory, i.e., Housing Demand is greater than Housing Supply.

So, of course, this growth hasn't solved the Housing Crisis/Housing Shortage, but it's a small step in the right direction. We still need to create much more Affordable Housing and more reasonably priced housing (under $400k) to satisfy the most significant segment of the Housing Demand.