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July Market Snapshot

  |  Market Trends

The average home sale price for the Portland Metropolitan area continued to gradually increase this July. This time by 2.3%, raising it to $517,257 from June’s $505,544.
Nationally, the market went in the other direction. June’s national average decreased to $379,500 from May’s average of $381,400. Our local markets continue to remain over $100,000 more than what we are seeing nationally. July’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.
Things slowed down in July from the rapid growth we have seen earlier in the summer. Last month had a 12.6% decrease in new listings, a 10.1% decrease in homes sold, and a 6.9% decrease in pending homes compared to June. Even year over year things appeared to have slowed. Compared to July of last year, new listings are down 2.6% and pending homes are down 3.3%. However, homes sold are up 3.7%.
July’s slower pace isn’t shocking as RisMedia reported that according to the Fannie Mae Home Purchase Sentiment Index®, confidence in housing dropped in July. RisMedia believes this is due to “optimism weakening for both homebuyers and sellers due to limiting economic factors and unaffordability”. The national average’s decrease in home sale price could be a reflection of this sentiment.
For our local market, home inventory continues to stay fairly low at 2.5 months, and remains lower than the national average of 3 months in June.
SE Portland had the most new listings in the Portland Metro area at 332 in July, but the Tigard and Wilsonville area sold the most homes at 214.

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Lynae Forbes

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