The average home sale price for the Portland Metropolitan area increased 3.5% this April, climbing to $497,997 from $481,294 in March.
Nationally, the housing market reflected this trend as well and March’s national average rose to $388,200 (up from February’s average of $373,600), which remains over $100,000 less than what we are seeing in our markets. April’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 update each month.
April also saw increases in new listings (up 7.8%) and homes pending (up 4.7%) compared to March. Homes sold, however, fell 4.5%. Things look to be turning around as RisMedia reports that homebuyers in the West arrived ahead of schedule. The Portland metro area was listed as the fifth metropolitan area with the fastest quarter-over-quarter and year-over-year price growth and with the homebuying season just picking up, home sales are expected to increase as well.
Comparing our local market to April of last year, the average sale price is up 8.8%. But new listings (down 8.4%), homes sold (down 16%), and homes pending (down 8.9%) all saw a drop.
Home inventory increased slightly to 2.1 months, but remains much lower than the national average of 3.7 months in March.
The Tigard and Wilsonville area took the lead in new listings again at 308 this past month, but Southeast Portland holds onto the most sold homes (178) once again.