In May 2019, prior to the pandemic, there were 2.2 million homes for sale in the U.S.
In May 2023, that number was down to 1.4 million, a record low.
Additionally, the number of homes hitting the market was the third lowest in the nation's history.
While buyers remain on the fence (or have hopped off onto the "staying put" side of it), the historically low inventory has kept prices relatively stable and market times relatively low.
Until the inventory climbs, the market will remain in this strange state of relatively high competition, despite reduced demand.
Note: while the above figures are at the national level, trends in the Portland area are very similar.
Mortgage Forbearance: What Happens Now?
