The speedometer reflects the state of the region’s housing market using housing inventory, price gains, sales velocities, interest rates and larger economics factors. The Oregon economy continues to expand and I do not see this changing in the foreseeable future. However, similar to many West Coast markets, Oregon’s inventory constraints are becoming problematic. I believe we will see more listings come online in 2016 as home equity levels continue to expand, but unfortunately it will not be enough to meet demand, and the market will remain imbalanced. I have kept the needle at the same level as last quarter. The market currently favors sellers, but buyers are growing weary of multiple offer situations and are likely to wait for inventories to rise, which will hopefully happen in the Spring.
Looking forward, I believe 2016 will be a year of few surprises. Because it is an election year, I do not expect to see any significant governmental moves that would have a major impact on the U.S. economy or the housing market.