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October Market Snapshot

  |  Market Trends

The average home sale price for the Portland Metropolitan area dropped 3.2% this October, decreasing to $479,630 from September’s $495,668. This is normal and expected as we head into the slower colder months. What is more notable is that compared to last year, the average sale price is actually slightly up (0.8%).
The national market actually saw an increase in average sales price. September’s national average was $385,200, up from August’s average of $364,300. October’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. So, it’s not surprising that the national month over month comparison is not yet seeing the winter slowdown.
With the decrease in average home sale price, winter months also cause other areas to slow. Compared to September, October saw a 20.4% drop in new listings, a 5.6% drop in homes sold, and a 4.7% drop in homes pending. Compared to what we experienced last year, the number of new listings is actually up 1.5%, but a slight decrease in homes sold (0.7%) and homes pending (5%).
But, not everywhere is seeing the cold weather slowdown yet. According to RISMedia, housing activity remained at “summer like” levels through the month of October. Usually buyers can wait until fall to hope for a deal, but not this year.
Our local market, home inventory continues to stay low at 2.1 months, and is still lower than the national average of 5 months in September.
Southeast Portland continued to have the most new listings this October (232), but the Tigard and Wilsonville areas had the most homes sold at 192.

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About the Author

Lynae Forbes

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