RMLS Market Analysis
- By Tim Pitts
- October 24, 2019
The RMLS Numbers for September are out! Here's our take:
The median sale price in the Portland Metro area dropped slightly last month to $410,000 - a decrease of just under 2%. Despite this, prices rose 4.5% over this time last year. Across the board we’re seeing the seasonal drop we expect this time of year: new listings, pending sales, closed sale, and average price all fell compared to last month and the amount of time it takes homes to sell (total market time) and the amount of homes on the market (inventory) both rose. All this indicates that the seasonal cooling we see this time of year is in full effect - we see fewer homes coming on the market and fewer buyers out looking. In addition to that, interest rates have been somewhat volatile in the last few weeks - rising and falling in reaction to national news surrounding tariffs, foreign policy, and the economy in general. Despite this movement, they continue to be a near-historic lows, helping to entice homebuyers that might otherwise wait until the spring to start shopping again.
Looking ahead, we expect to see prices continue to inch downward through the end of the year before picking back up again in January or February.