Portland-area home sales boom in February

By: Chuck Slothower//March 12, 2020//

Portland-area home sales boom in February

Chuck Slothower//March 12, 2020//

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The median sale price of homes in the Portland-metro area ticked up in February, reaching $407,000.

That was a 1.8 percent increase from January, according to RMLS, a listing service that tracks residential sales.

Sales were brisk. Pending sales jumped 14.4 percent from a month earlier, and 17.7 percent from 12 months previous. Closed sales also rose by 14.1 percent from January, and 9.9 percent from a year ago.

As a result, inventory fell to 1.9 months, down from 2.2 months in January. Residential listings fell to 3,580 in February, the lowest level since February 2018.

Market time dropped to 68 days, down from 74 days in January.

With interest rates near historic lows, refinancing activity has been brisk. Rates ticked up slightly from last week’s historic low, to 3.36 percent for a 30-year fixed loan, according to Freddie Mac‘s national survey released Wednesday.

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