Chuck Slothower//October 19, 2016//
For the second straight month, local real estate data shows Portland’s residential real estate market cooling.
Home prices slipped slightly to $353,000 in August, from $355,000 in July. Prices remained 11.5 percent above those from 12 months previous.
Closed sales rose 8.1 percent in August from July, but down 3.1 percent compared to a year earlier.
The data comes from RMLS, a regional listing service.
Inventory remained at 1.9 months, while properties spend an average of 34 days on the market – a two-day increase compared to July, but a week less than 12 months previous.
The market for single-family homes remains healthy, but appears to have calmed since its scorching summer and early fall.
“It may have softened just a tiny bit – not much,” said Debra Neal, managing principal broker at Realty Trust Group.
Buyers have expressed interest in all property types, including single-family homes, detached townhomes and condos, Neal said.
“There are still people out there looking,” she said.
The metro area’s most expensive home sales were in Lake Oswego-West Linn, where homes have sold for a median price this year of $529,500. On the other end of the market, homes in Columbia County sold for a median price of $235,500.
In Southeast Portland – the metro area’s busiest market with 2,575 closed sales year to date – homes sold for a median price of $319,000. West Portland came in at $470,000, Beaverton-Aloha at $313,600 and Tigard-Wilsonville at $380,000.
Any softening in recent months pales in comparison to the market’s run-up earlier this year. Portland in July had the highest annual gains in the 20-city Case-Shiller Index, with a 12.4 percent year-over-year price increase.
Seattle and Denver followed with 11.2 percent and 9.4 percent gains, respectively.
The Case-Shiller home price index will release August data on Oct. 25.