Home Real Estate High demand fuels Portland’s rocketing housing prices: Median sale price jumps $15,000...

High demand fuels Portland’s rocketing housing prices: Median sale price jumps $15,000 in a month

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Hope may be on the horizon for home shoppers: More residential properties are expected to be put up for sale in the coming months and spiking prices may level off slightly as some owners on the sidelines jump into a still-competitive Portland market, experts say.

But other factors like record-low home inventory and a wave of motivated first-time buyers will keep sellers in the power seat.

John L. Scott Real Estate agents were informed by company CEO J. Lennox Scott that the “frenzy-level” demand to buy a home remains in the Portland area.

The number of new residential listings over the past three calendar years in the greater Portland, Oregon metropolitan area have changed, according to the RMLS.RMLS

Adding to the tension: The number of existing homes listed on the market in May dropped by 2.3% compared to April, according to the latest Regional Multiple Listing Service (RMLS) report.

The total number of new listings — 3,971 — in May was less than…

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