November was another relatively quiet month across the Portland metro according to RMLS Market Action, but it ended with encouraging signs. Closed sales came in lower than expected, narrowing the year-to-date gap in total transactions closed to just over 100 sales. Meanwhile, pending sales rose 5% year-over-year, setting the stage for 2025 to finish slightly ahead of 2024 in total closings.

• New Listings: 1,805 (–1.8% vs Nov 2024; down from 2,326 in Oct 2025)
• Pending Sales: 1,760 (+5.0% vs Nov 2024; up 2.6% MoM)
• Closed Sales: 1,674 (–9.8% vs Nov 2024; down 11.4% MoM)
• Inventory: 3.8 months (up from 3.1 in Nov 2024)
• Average Sale Price: $599,700 (–1.6% YoY from $609,400)
• Median Sale Price: $532,400 (–1.1% YoY from $538,500)
• Days on Market (avg/median): 54 / 27 days

The increase in inventory from 3.1 to 3.8 months points to a market with more breathing room, but buyers are clearly responding when homes are priced right. November’s stronger closed sales helped shrink the year-to-date shortfall to just over 100 sales—showing how steady fall activity helped 2025 catch up to 2024’s total.  Legacy thinking says that six months of inventory is the sign of a balanced market but new thinking is four months or even lower.  Recent buyer sentiment and the stagnation in appreciation makes the argument for a lower number.

Year-to-Date Perspective

Through November, total closed sales are nearly even with 2024—an impressive turnaround considering how far behind 2025 started the year. The improvement reflects both increased buyer adaptability and sellers becoming more responsive to current pricing expectations.

Mortgage Rates: Now vs. This Time Last Year

Rates have eased slightly from last year’s levels and from the mid-7% range earlier this fall. Even a modest drop has supported improved buyer sentiment, helping both pendings and late-year closings.  It is entirely possible to get a rate in the fives with points and buy-downs.  Remember that each person’s rate is based on their financial situation and the specific property.  The drop in rates and pricing stagnation is making housing the most affordable in the last 2.5 years.  We get that’s all relative.

Looking Ahead: The Fed Meets Next Week

The Federal Reserve meets the week of December 8, 2025, and most forecasts call for the third rate cut of the year—or at least guidance that cuts are likely early next year. While mortgage rates don’t directly follow the Fed funds rate, any signal of easing tends to push long-term yields down. That could support early-2026 buyer activity and help maintain the momentum that’s carried through November.

National Outlook for 2026

Looking further ahead, national forecasts point to a broader rebound in housing activity. Total U.S. home sales are projected to rise from roughly 4.8 million in 2025 to about 5.2 million in 2026—a meaningful jump after two years of slower volume.

We’ll be watching December results closely to confirm how 2025 wraps up before turning our attention to spring 2026 trends.

What It Means for You

• Buyers: Slightly lower rates and modest price softening are helping improve affordability. If the payment works, this market offers more selection and a chance to buy before competition picks up in spring.
• Sellers: Homes are still selling when they’re positioned well. November showed buyers will act on listings that are accurately priced and well-presented, even with more inventory on the market.
• Everyone: November’s numbers show balance returning—enough inventory for options, but solid demand to keep transactions moving. With pendings firming and rates likely to ease, the Portland metro is positioned for a steadier start to 2026.