By Brandon Sawyer January 26, 2023 Like most of the nation, residential real estate across the Portland metro area was much cooler in 2022 than in preceding years. In fact, new listings were at their lowest level since 2013 and closed sales weren’t as low since 2014. Factors like low-interest rates, a higher level of consumer savings and a sudden work-from-home craze during the pandemic fanned the flames of the market in 2020 and 2021, after it had cooled a bit in 2019. But as interest rates were hiked last year to combat inflation, savings dried up and residents settled into a post-pandemic reality, home sales and listings slowed rapidly, setting up what reporter Jonathan Bach recently dubbed a “tortoise market.” RMLS produces separate reports for the Portland metro area and Southwest Washington. Its Portland metro report for 2022 found that listings declined 10.7% to 36,210 and closed sales fell 20.5% to 27,985. See More.
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