Average home sale prices decreased 1.4% for the Portland Metro area in September, down from $471,365 in August to $464,616 for September. This average is still considerably higher than August’s national average of $353,600, which is up slightly from $352,000 in July. September’s national averages are not yet out, as the Hasson Company collects its own data to provide you with the most current and relevant market data each month. Comparing our local market to September 2015, the average sale price for the area has increased 11.3%.
Market activity has slowed since September, as new listings decreased by 13.8%, the percentage of homes sold decreased by 5.3%, and pending home sales are down 15.3%.
When comparing to September of last year in the Portland Metro market, the number of new listings is up 2.8%, the number of homes sold is down 5.4%, and the number of homes pending is down 3.9%.
Overall, home inventory has stayed small at 2.1 months, which is less than half of the national average of 4.6 months in August. For more insight on how the prolonged tight inventory has affected the national housing market, we recommend this excellent article.
Last month, SE Portland took the lead with the most new listings, followed by Tigard/Wilsonville. In terms of homes sold, however, Milwaukie/Clackamas was the leader.