Recent Portland Housing Market Stats

As you may have heard, we're seeing a bit of a bump in interest rates.  Most buyers aren't particularly bothered by the increase, though affordability of houses is sure to be impacted.  Some buyers are even rushing to buy and lock their interest rate .

Statistically, prices have continued to rise, market times are shorter than previous months, but the volume of sales has slowed a tad, and we've seen a miniscule increase in the number of homes available for purchase.

The median price for the first six months of this year up 14.2% over the same period in 2012 to $257,500.

Closed sales decreased 6.4% compared to May 2013. but still showed an increase of 11.9% over the closed sales in June of 2012.  Pending sales decreased 5.8% compared to May 2013, but showed an 11.9% increase over June 2012.

The number of days a house is on the market  decreased from 85 days in May 2013 to 70 days in June of 2103.  Yes, many houses are selling in their first few days on the market; houses that have it all - condition, price, location and preparation.  But with 70 days being the average, you know plenty of houses are still taking months to sell.

And inventory; measured by how long, at the current rate of sales, it will take to sell all the houses on the market, has bumped ever so slightly from 2.5 months in May 2013 to 2.9 months in June 2013.  Contrast this to June of 2012 with 3.9 months of inventory and June of 2011 with 6 months on inventory.

If you've been thinking of selling, now is a pretty good time.  Rising prices and a shorter market time sound like a seller's dream.

See the full report.