PORTLAND, Ore. — For Portland metro home sales, low mortgage rates and a willingness to move during a global pandemic fueled a strong start to the back half of the year.
Economists with home-seller Zillow have said that nationally, the housing market is far different from that of the Great Recession — when distressed sales and oversupply were pulling home values down — and prices have actually grown in the Portland market.
Despite the continued novel coronavirus threat, thousands more homes sold in the Portland metro area during the third quarter this year than in the same time period in 2019. Nearly 11,900 homes sold during Q3 2020 versus about 9,500 in Q3 2019, a 25% increase.
SEE SLIDESHOW: Portland area's Hottest 'Hoods Q3 2020
The top destination in the area logged 487 sales in the third quarter, up more than 21% year over year. The second highest 'hood recorded 357 sales, up 6.3%. A ZIP code in Hillsboro snagged bronze, with 319 sales, a roughly 33% increase from last year.
A full seven locales on today's 'Hoods roster are in Washington.
Click on the slideshow above to see which Portland areas logged the most home sales in Q3 2020.
