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The Portland-area residential real estate market is seeing more and more of a rare sight in recent years: for-sale signs.

Inventory has begun to flow into the parched residential market. In June, the Portland-metro area had 2.1 months of inventory, according to RMLS, a listing service. That was the highest inventory for the month of June since 2014, and the highest inventory overall since January.

That should provide a degree of relief to prospective homebuyers. The residential market has been constrained by limited inventory caused by a constellation of factors, including a slow pace of homebuilding, a hot economy and fewer homeowners opting to migrate between states. The low inventory resulted in bidding wars, with desirable Portland-area properties often receiving multiple cash offers above the asking price.

This year’s more plentiful inventory so far hasn’t slowed the meteoric rise in home prices. The median sale price of Portland-area homes reached $417,900 in June, a new record and above $400,000 for a third consecutive month, according to RMLS data. Prices were up 7.2 percent from a year earlier.

鈥淭he market’s still doing well,鈥� said Edward Petrossian, a聽RE/MAX agent and president of the聽Portland Metropolitan Association of Realtors. 鈥淪ome adjustments have come in place for people who were expecting to have sales quicker. In general, prices have been holding pretty good.鈥�

Homes sold in June spent an average of 37 days on the market, the same as a month prior, and down a day from June 2017. Closed and pending sales both fell compared to a year earlier.

Interest rates have moderated following a rising trend earlier this year. The national average on a 30-year fixed-rate mortgage was 4.52 percent last week, according to Freddie Mac.

鈥淚nterest rates are staying steady, so that’s giving a little more confidence to first-time homebuyers,鈥� Petrossian said.

Freddie Mac warned more homes on the market may not be forthcoming.

鈥淯nfortunately, don’t expect much relief from the tight inventory conditions plaguing many markets,鈥� the federal agency stated in a news release. 鈥淎s seen again last month, new home construction is not picking up to meet demand, and as a result, home prices are still rising at double the pace of income growth.鈥�

Locally, look for sellers to become willing to make deals as the summer moves on, said Cheryle Clunes, principal broker with Summa Real Estate Executives.

鈥淢y experience is that in the month of July, we see definitely an increase in inventory, which RMLS data supports,鈥� Clunes said. 鈥淲e also see sellers become really motivated because they want to take advantage of families coming to move.鈥�

Clunes said to watch for other seasonal trends, including a lull around when schools starts in August and September, followed by a busy late fall.

鈥淚n the fall, serious buyers stay on,鈥� she said. 鈥淣ovember seems to always be a really busy month.鈥�