Low Inventory Causes Home Prices to Maintain Fast GrowthThe National Association of Realtors (NAR) released their latest Quarterly Metro Home Price Report last week. The
July 2017 Portland Area Real Estate Activity
July Residential Highlights
Portland real estate activitycooled a bit this July. Closed sales,at 2,793, cooled 12.4% from Junewhen 3,187 closings were recorded,although these sales pushed 0.6%past the 2,776 closings recorded lastyear in July 2016.
Pending sales, at 3,040, fell 7.9%short of the 3,302 offers accepted lastyear in July 2016 and 6.6% short ofthe 3,254 offers accepted last monthin June 2017.
Similarly, new listings (4,202)showed a 3.9% decrease comparedto July 2016 (4,372) and a 11.3%decrease compared to June 2017(4,739).
Total market time decreasedby five days in July, ending at 33days. In the same period, inventorycrawled up to 2.1 months.
Year to Date Summary
Activity has been cooler so farin 2017 compared to 2016. Newlistings (25,723) are down 2.4%,closed sales (17,807) are down 3.3%,and pending sales (19,390) are down7.6%.
Average and Median Sale Prices
Prices continue to rise in thePortland metro area. Comparing2017 to 2016 through July, theaverage sale price rose 9.3% from$391,600 to $428,000. In the samecomparison, the median saleprice rose 11.2% from $340,000 to$378,000.
Areas with the Largest Year Over Year Gains
* Click the links for area statistics.
Yamhill County - 13%
Hillsboro - 12.6%
Milwaukie - 12.1%
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