August 2019 Market Action Report
RMLS Market Action Report
Pending sales saw the sole gain this August in the Portland metro area. There were 2,929 pending sales, a 6.1% increase over the 2,760 offers accepted last year in August 2018, but falling 2.3% short of the 2,998 offers accepted last month in July 2019.
Closed sales, at 2,901, decreased 2.2% from the 2,967 closings recorded in August 2018 and fell 1.5% short of the 2,944 closings from July 2019.
New listings (3,757) fared similarly, ending 10.8% lower than in August 2018 (4,214) and 5.3% lower than last month in July 2019 (3,966).
Total market time rose by five days in August to end at 48 days. Inventory held steady at 2.3 months.
Activity is a bit cooler so far in 2019 compared with 2018. New listings (30,458) are down 0.9%, pending sales (21,585) are down 1.1% and closed sales (19,902) are down 3.3%.
Comparing 2019 to 2018 through August, the average sale price has increased 1.0% from $454,500 to $458,900. In the same comparison, the median sale price has increased 2.2% from $401,000 to $410,000.
Read all of the latest Portland real estate market statistics in this month’s RMLS Market Action Report.
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