Existing home sales came in at a whopping 6,850,000, beating estimates with the highest print since 2006. Days on market fell from 36 days to 21 days on a year-over-year basis. Cash buyers remain at
Housing Market Cools Slightly But Sales Remain High And Inventory Low
Dated: September 14 2015
After a record-setting July, the local real estate market cooled slightly last month but continued the trend of year-over-year growth, according to the latest numbers from the Regional Multiple Listing Service.
In August, 3,098 homes closed in the Portland area, a 19.8 percent year-over-year increase -- but still a 10.3 percent drop from the July number.
The 3,347 pending sales last month reflected the region's strongest August total since 2005, the report noted.
Inventory rose slightly, from 1.7 months in July to 1.9 months. The figure, which estimates the amount of time it would take for all current homes on the market to sell at the current pace, remained lower than in August of 2013 and 2014, when it was 3 months or more.
The average sale price through August of this year was $353,200, a 6.2 percent increase over the same period of time in 2014. The median sale price rose 7 percent, from $285,000 to $305,000.
Israel Hill, a managing broker in John L. Scott Real Estate's Northeast Portland office, said ihe expects "no let-up in the backlog of buyers."
"This will continue to keep us at an extremely low level of inventory well into next year and we see no relief in the current sellers market in close-in neighborhoods," Hill said.
Brigitte Pascutoi, managing principal broker in John L. Scott's Beaverton office, said in a statement that "prices appear to be hovering around their high point."
"We see a plateau between $346,495 for a median Hillsboro price and $382,000 for a median Beaverton price," Pascutoi said. "The market has been cooling this past month and hence the plateau in price. ... Despite this somewhat shy but consistent decrease in market action, we are still in a strong sellers' market."
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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