By Lauren Perreault | Market data for Monday, November 2 – Sunday, November 8, 2026

If you only look at prices this week, you’d think nothing happened. The average sale price landed at $616,741 and the median at $545,000. Basically the same neighborhood we’ve been in all year.

Now look at the number of homes that actually closed: 343. That’s the lowest weekly count since the week of February 8, and it’s the real story. Prices are steady. Volume isn’t. Let me walk through it.

Supply: Plenty of Homes, Fewer New Ones

Active listings came in at 8,001, down about 1.3% from last week but still 8.6% above this time last year. Over the past 12 weeks, active listings have averaged 8,422, which is 5.0% above the same 12 weeks a year ago. The peak was 8,661 on September 22, the highest in the data I’ve tracked since 2021, and we’re now sliding off that seasonal high the way we do every fall.

New listings tell a different story than the total. Sellers put 387 new homes on the market this week, 11.4% fewer than the same week last year and well under the 12-week average of 533. So why is inventory still higher than last year? Because homes aren’t leaving the market as fast. Supply is elevated from the back end (slower sales), not the front end (a rush of new sellers).

Here’s a number I like for this: 3.6 active listings for every pending sale. A year ago that ratio was 2.7. More choices per buyer is the cleanest way to describe what buyers are feeling right now.

Demand: The Pipeline Is Thinner

Total pending sales were 2,238, down 17.9% from last year and the lowest total since mid-January. New pending sales (new signed contracts) were 432, down 17.4% from last year. Over 12 weeks, new contracts are averaging 502 a week versus about 595 for the same stretch last year, a drop of 15.6%.

Homes sold, which counts closings, fell to 343 from 434 the week before. That’s a 21% one-week drop and 26.6% below the same week last year. The 12-week average is more forgiving: 453 versus about 507 last year, down 10.5%.

Was it a holiday? No. There was no legal holiday in the November 2–8 window, so you can’t blame the calendar here. The more likely explanation is the contracts. Closings tend to follow contracts by roughly 30 to 45 days, and new pending sales in late September and early October were running 480 to 530 a week compared to roughly 580 to 620 a week last year. Fewer contracts then, fewer closings now. And since new contracts are still running about 15% below last year, I’d expect closing counts to stay soft into December.

One calendar note for the next report: Veterans Day fell on Wednesday, November 11, so recording offices were closed that day. That’s a genuine lost closing day, and it will show up in the week of November 9–15 numbers.

Pricing: Holding Steady

The average sale price was $616,741, up about 1.1% from last week’s $609,980 and 0.9% below the same week last year. The median was $545,000, down from $552,000 the week before, 5.2% below the same week last year, and the lowest median since the week of September 22.

I don’t read much into any single week of price data. Each week’s closings are a small and uneven sample. The 12-week averages are the better lens: the average sale price is $626,701, up 0.2% from the same 12 weeks last year, and the median is $553,783, up 0.3%. That’s flat. When the 12-week line moves within a third of a percent of last year, you’re looking at a market where price hasn’t changed much even though activity has.

(If you’re wondering about the RMLS monthly numbers, they say the same thing. October’s average sale price was up 0.6% from a year earlier and the median was up 0.9%, while closed sales were down 21.5%.)

Price Reductions: More Sellers Are Adjusting

Price reductions over the past seven days totaled 762, basically even with last week’s 765 and 5.4% above the same week last year. The 12-week average is 893, up about 5.1% from last year’s pace.

What stood out is the size of the cuts. Reductions of $15,000 or more came in at 419, up from 385 last week, which means 55% of this week’s reductions were $15K or bigger. That’s not a record (the high since January was about 57% in late September), but it’s a sign sellers who cut are cutting meaningfully rather than nudging a few thousand dollars. There were also 89 bumpable listings, 13 of them in Washington. That’s about the same as last week’s 88.

Days on Market: The Two-Speed Gap Is Wider

Average days on market was 70 and the median was 37. A 33-day gap between the two. Last week was 65 and 32, so the same gap, just a little higher on both.

On a 12-week basis, average DOM is 65.6 days and median DOM is 34.2, a gap of about 31 days. A year ago the same 12-week comparison showed 56.3 and 31.4, a gap of about 25 days. So the typical home is selling a bit more slowly than last year, while the average is stretching out faster. The homes sitting longest are pulling the average up and leaving the median behind.

I call this a two-speed market: some homes sell fast, and others sit. The obvious guess is that expensive homes simply take longer. I tested that against the RMLS area data across about 15 Portland Metro sub-areas. In the monthly reports for July and September, the link between an area’s average price and its market time was nearly zero. October showed a modest tilt (about 0.33), so I won’t tell you price level has nothing to do with it. But price level alone explains only a small part of the spread. Lake Oswego and West Linn, the priciest area, had a shorter market time than several far cheaper areas, and Columbia County, one of the least expensive, was among the slowest.

What does that leave? I think pricing relative to what the local market will actually pay is the more likely driver. A home priced right sells in days. A home priced a few percent too high sits, collects reductions, and drags the average. That’s evidence, not proof, since area averages can’t tell us about pricing accuracy within an area. But it fits what I see on the ground.

Sale-to-List: The Typical Home Still Sells at Asking

The median home sold at exactly 100.00% of its asking price this week, down from 100.72% last week. The 12-week median is 100.04%, so half of the homes that sold went for at or above their list price.

The average slipped to 98.52% from 99.31%, the lowest since the week of September 8. And the average sale as a percentage of original asking price was 94.43%, down from 95.57% and the lowest since the week of January 20. That second number is the one I’d watch if you’re selling. It captures the price cuts along the way. Sellers who started high and chased the market are netting about 5.6% under where they first listed.

Same message, different angle: well-priced homes still get full price. Over-priced homes get negotiated down.

Rates: Holding at 7.000%

OnPoint Community Credit Union’s 30-year fixed rate was 7.000% this week with 0.375 points and a 7.099% APR, unchanged from last week. That’s 37.5 basis points below the October 6 peak of 7.375%, and it has now held at 7.000% for three weeks in a row. The 12-week average is 6.96%.

Zoom out and the picture is less comfortable. This series started in February at 5.625%, so rates are up 137.5 basis points since then. Buyers feel that in the monthly payment, and it’s a big part of why new contracts are down.

Other Indicators

REO and short sale activity remains small: 123 active and 128 pending this week. Nothing here suggests distressed sales are driving the market. The RMLS October report adds some useful context: new listings down 12.2% from a year ago, pending sales down 20.2%, and about 4.3 months of inventory versus 3.1 a year earlier. Total market time was 67 days.

My Read

Three things I’d tell a friend over coffee.

1. This is a volume story, not a price story. The 12-week average prices sit within a third of a percent of last year. What’s changed is how many buyers are signing contracts, and that’s down roughly 15% to 18%.
2. Buyers have more leverage than they’ve had in a few years, but it’s selective. There are 3.6 homes for sale per pending sale, up from 2.7, and the original-ask ratio is slipping. That helps you negotiate on a home that’s been sitting. It doesn’t help on a home priced right and shown well.
3. If you’re selling, price is the whole ballgame. The gap between average and median days on market is a pricing gap in disguise. Start at a number the local market supports and you’ll be in the fast group. Start above it and you’ll be cutting in week three.

Here’s what that means in a nutshell:

If you’re buying, this is a good stretch to be patient & selective: more homes to compare, more room to ask for repairs or credits, and less pressure to waive things.

If you’re selling, the market is still paying for homes that show well and are priced to the data, so the work is in the pricing strategy, the prep, and the first two weeks on the market. If you’re a seller who needs to move before year-end, talk to me early, because the window between now and Thanksgiving is shorter than it looks.

Seasonally, it’s normal for activity to cool through Thanksgiving and December. What I’m watching is whether new pending sales stay about 15% below last year, or whether a lower rate (even a modest one) pulls some buyers off the fence.

Want to Go Deeper?

I break all of this down in this week’s video on my YouTube channel, LaurenPerreaultRealtorPDX, & the full set of charts lives right here on the blog. Keep reading the weekly reports at PDXHomesforSale.com to see how the numbers move week to week.

Call or text me if you want to truly understand what is happening in the Portland Metro real estate market and how various factors influence pricing. 503-683-1885 | PDXHomesforSale.com. And as always, I’m happy to run the numbers for your particular neighborhood.

Exceptional Strategy, Extraordinary Results.

Lauren Perreault | REALTOR®, Managing Principal Broker | Fiv Realty Co OR & WA | Licensed in OR, WA & CA