

MARKET REPORT
Portland-Vancouver-Hillsboro, OR-WA CBSA February 2022 YOY Change
MARKET OVERVIEW New Home Sales
L12M New Home Sales
Monthly Sales Rate
L12M Avg Sales Rate
539 -21.0%
5,360 -22.3%
2.9 12.0%
2.0 13.9%
Portland's housing market is expected to have another strong year in 2022, but not at 2021 levels (existing home sales in 2021 were highest since 2005's record). Price appreciation is predicted to cool down, and affordability will be one of the biggest challenges for the year as mortgage rates rise. First-time buyers will continue to find a challenging and competitive market, which will keep many in the for-rent segment for a longer period and add to the demand for single-family rentals. Rents across the metro are increasing faster than incomes, causing rental affordability to approach the costburdened level.
Strengths - Clark County municipalities have shown impressive population growth and remain popular with buyers looking to duck state income taxes over the river. Clark County has been one of the most active areas for real estate; its existing home sales increased 13% in 2021. Weaknesses - The number of active projects and VDL supply continues to decrease. Portland's office recovery has been slower than SLC, Nashville, Austin, and other similar cities. The pandemic has caused the suburban office market to outperform the central business district.
NEW HOME PENDING SALES INDEX
VALUATION PATTERNS
YOY Change
MOM Change
2022F Existing SF Median
Over/Undervalued
-10.3%
-5.7%
$559,334 4.7%
-16.1% Income Supported Price
F 22
20
20
18
20
16
20
14
20
12
20
10
20
08
20
20
06
04
20
20
02
M
Ja
n.
20
00
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000
20
100 75 50 25 0 -25
20 2 ar 0 .2 0 M 20 ay 2 Ju 020 ly 2 Se 020 p. 2 No 020 v. 2 Ja 020 n. 2 M 021 ar .2 M 021 ay 2 Ju 021 ly 2 Se 021 p. 2 No 021 v. 2 Ja 021 n. 20 22
YOY % Change
Home Price
SUPPLY SNAPSHOT Vacant Developed Lots VDL Months of Supply
4,994 ↓ 9.6 ↓
Active Projects
171 ↓
Housing Inventory
3,131 ↑
Avg Quick Move In Per Project
0.2 ↑
10 Year Inventory Average
2,029 ↑
1