July 2017 Market Action Report
Portland Real Estate Statistics – July 2017
RMLS Market Action Report
Portland real estate activity cooled a bit this July. Closed sales, at 2,793, cooled 12.4% from June when 3,187 closings were recorded, although these sales pushed 0.6% past the 2,776 closings recorded last year in July 2016.
Pending sales, at 3,040, fell 7.9% short of the 3,302 offers accepted last year in July 2016 and 6.6% short of the 3,254 offers accepted last month in June 2017.
Similarly, new listings (4,202) showed a 3.9% decrease compared to July 2016 (4,372) and a 11.3% decrease compared to June 2017 (4,739).
Total market time decreased by five days in July, ending at 33 days. In the same period, inventory crawled up to 2.1 months.
Year to Date Summary
Activity has been cooler so far in 2017 compared to 2016. New listings (25,723) are down 2.4%, closed sales (17,807) are down 3.3%, and pending sales (19,390) are down 7.6%.
Average and Median Sale Prices
Prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through July, the average sale price rose 9.3% from $391,600 to $428,000. In the same comparison, the median sale price rose 11.2% from $340,000 to $378,000.