How’s The Market? A Look at February’s Real Estate Numbers

The Median Home Price jumped up quite a bit in February, to to $479,100 – a new record high for the Portland Metro Area. This represents a 17.7% over February of last year, which is the largest year-over-year increase in Median Price for a single month in over eight years. Continued low inventory is pushing prices up. Inventory in February was just 1.0 month, which is just over half the inventory we had last February. New listings and pending sales were both down compared to last year as well. With how low inventory is, the drop in pending sales compared to last year (15%) is not unexpected. Unfortunately, the drop in new listings paired with the increase in closed sales means we’ll likely see inventory continue to be low and prices continue to rise as we head into what is typically the busiest time of year for real estate.

What the housing market in Portland really needs right now is more inventory. More homes are needed in the market to absorb the existing buyers and hopefully ease the upward trajectory of prices that we’ve seen in the last few months.

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