Windermere’s Chief Economist Mark Gardner reveals recent sales data for Oregon and Southwest Washington. The 2017 Q2 data includes homes sales activity and days on the market. What is surprising, the data shows a slowing of the market, but if you take a closer look, the reason is due to a shortage of inventory. Another report from Case-Shiller points to Portland’s increased activity and limited inventory.
Oregon has added 46,500 new jobs over the past 12 months with impressive gains seen in the professional and business services, leisure and hospitality, and trade sectors. Also of interest is that the construction sector continues to expand rapidly, potentially signifying greater interest in adding to the region’s housing supply. Year-over-year, employment in Oregon has risen by 2.5%. In May, the state unemployment rate fell slightly to 3.6%. Unemployment was 3.7% in April of this year and 5% in May of 2016. As unemployment edged down, the labor force hit a record high. In May, Oregon’s labor force rose above 2.1 million for the first time and grew by 40,000 in the first five months of this year….read more at windermere.com
Thumbnail credit Windermere Blog