Portland-area housing market remains ultra-competitive despite fewer sales

Elliot Njus | The Oregonian/OregonLiveBy Elliot Njus | The Oregonian/OregonLive
Email the author | Follow on Twitter
on August 12, 2016 at 11:26 AM, updated August 12, 2016 at 5:01 PM

The Portland-area housing market cooled off in July, though would-be buyers likely won’t feel much relief.

More homes went on the market while the number of sales slowed, a report from the Regional Multiple Listing Service showed. Even so, the supply of homes for sale remained slim overall, and prices moved higher. The median home price rose to $391,000, up 11.4 percent from a year earlier.

The 2,776 homes sold in July represent a drop of nearly 20 percent from a year earlier, in part reflecting the slim supply of homes for sale.

Pending sales were also down 5.5 percent from July 2015, suggesting the sales slump will continue into at least late summer.

But homes listed on the market sold in an average of 30 days in July, two weeks faster than a year earlier.

If sales continued at the same clip, every home on the market would sell in 1.9 months, well short of the 6-month supply that indicates a market balanced between willing buyers and sellers. Current conditions indicate a strong seller’s market, which is driving prices higher.

Sales activity jumped in the North of 26 area of Washington County and the Tigard-Wilsonville area.

But supply-constrained areas in North Portland, Hillsboro-Forest Grove, Gresham-Troutdale and Lake Oswego-West Linn all saw above-average price increases.

— Elliot Njus

enjus@oregonian.com
503-294-5034
@enjus

Reposted from Oregon live

Advertisements

About PortlandHouseListings.com - Tom Ramsey, local Realtor

Local Portland Realtor with 10 years experience specializing in residential sales and investment property. Tom Ramsey Oregon Real Estate Principal Broker John L Scott Real Estate Phone: 503-481-0501 tomramsey1@gmail.com www.PortlandHouseListings.com
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s