July Real Estate Market Numbers

As we move through the summer months we are seeing the typical seasonal dips we expect for this time of year. Home prices tend to peak in June and settle back down a bit in July and August. We saw that trend play out last month when the median home price fell almost 4% from June. But when we look at July as compared to last summer, we see the Median Home price rose slightly, by 1.7%. New listings and pending sales were also up slightly, but closed sales dropped by 2.0%. Inventory went up again, this time to 2.4 month – an increase of 14.3%. This is the highest we’ve seen inventory in 3.5 years. This increased inventory coupled with the very small increase in sales price indicate that the market is continuing to cool off and perhaps correct a bit from the frenzy we’ve seen in recent years. By comparison, in July of last year the Median Sales Price had increased over 11% from the year before – compared to just 1.7% this year.

Despite the slowdown around the metro area, the city of Portland continues to see prices rise in the inner four quadrants. This month, SE Portland saw the highest appreciation at 6.9%, but this is still far below the large increases seen in neighborhoods outside the urban core. Columbia Co (+12.8%), Gresham/Troutdale (+10.5%), and Yamhill County (+10.4%), all had another month of large price increases.

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