The average home sale price for the Portland Metropolitan area dropped 2.1% this August, decreasing to $506,515 from July’s $517,257.
Nationally, the market stayed fairly level, only increasing 0.3%. July’s national average rose to $371,200 from June’s average of $370,00. Our local markets continue to remain over $100,000 more than what we are seeing nationally. August’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.
As summer began to wrap up, we saw a 4.3% drop in new listings compared to last month, but a 6.6% and a 0.4% increase in homes sold and homes pending, respectively. A year over year comparison showed the numbers haven’t strayed too far, with a 1.7% decrease in new listings, 3.7% increase in homes sold, and a 6.7% decrease in homes pending.
As we noted last month, July was slow, but August seemed to rebound as “confidence in housing doubled back in August toward the all-time high in the Fannie Mae Home Purchase Sentiment Index®”, said RISMedia. We look forward to following confidence levels throughout the rest of the year.
For our local market, home inventory continues to stay fairly low at 2.5 months, and remains much lower than the national average of 5.7 months in July.
The Milwaukie and Clackamas areas had the most new listings in the Portland Metro area at 316 in August, but SE Portland sold the most homes at 245.