91ÊÓƵ

Home sales in the Portland-metro area surged in July, with the most homes sold during the month in four years.

Closed sales jumped 7.6 percent compared to a year earlier, and 6.8 percent from June 2019. It was the busiest July for closed sales since 2015, according to RMLS, a regional real estate listing service.

Prices were healthy. The median price of a sold home rose to $411,600, up 2.5 percent in July compared to a year ago. However, that was down 2 percent from $420,000 in June.

Average time on market rose one day to 43 days, while inventory decreased slightly to 2.3 months, according to RMLS.

Pending sales were down 2.4 percent from July 2018, and 2.8 percent lower compared to June 2019.

Many homeowners are trying to sell. Active listings reached 8,439, the most since September 2018.

Average mortgage rates have continued to fall. The average 30-year commitment rate was 3.77 percent, down from 3.8 percent in June. It was the lowest rate since November 2016, according to Freddie Mac.

Nationally, existing-home sales in the West fell 5.2 percent in June, compared to a year earlier. The median price rose 2.3 percent to $410,400, compared to June 2018, according to the National Association of Realtors.