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Portland’s residential real estate market showed significant signs of cooling in October as prices barely budged and homes spent more time on the market.

That follows national trends as mortgage interest rates creep up and potential buyers face sticker shock after a years-long run-up in prices.

The median sale price reached $395,000, a 0.6 percent increase compared to September, and a 3.9 percent increase compared to October 2017.

Rising interest rates have impacted affordability for buyers, said Edward Petrossian, president of the Portland Metropolitan Association of Realtors board.

鈥淧rices are going to be moderate the next couple of months,鈥� Petrossian said. 鈥淥ther than that, the market’s still pretty reasonably good. We hope to see the market continue to do well.鈥�

Portland-area home sales grew 7.4 percent in October compared to the prior month, according to RMLS, a listing and data service. But compared to October 2017, sales were down 4.9 percent.

Nationally, 14 of 20 cities showed slower home price gains, according to the S&P CoreLogic Case-Shiller Index.

鈥淔ollowing reports that home sales are flat to down, price gains are beginning to moderate,鈥� David M. Blitzer, managing at S&P Dow Jones Indices, stated in a news release.

鈥淩ising prices may be pricing some potential home buyers out of the market, especially when combined with mortgage rates approaching 5 percent for 30-year fixed rate loans,鈥� Blitzer added.

In Portland, homes sold in October had also spent more time on the market: 53 days, up from 45 days for homes sold in September, and up from 44 days compared to a year ago, according to RMLS.

Inventory fell to 2.7 months in October, with 6,550 active residential listings in the Portland metro area.