Sales of single-family homes in the Portland metro area fell last month, according to data from RMLS. (Sam Tenney/91��Ƶ file)

Portland’s single-family home market showed further signs of seasonal cooling in October, according to data from RMLS, a listing service.

Closed sales in October fell 8.3 percent from September, and 4.7 percent from October 2015.

Homes in the Portland-metro area sold for a median price of $350,000 in October. That was essentially unchanged from September, and up 13.3 percent from $309,000 in October 2015.

“It is cooling, and it needs to cool,” said Steve Schwab, owner and managing broker at Portland Lifestyle Team Realtors.

Annual appreciation of more than 12 percent was unsustainable, Schwab said.

“You go up at that pace, and you’ll be no longer able to buy regardless,” he said.

The market remains “viably active,” Schwab said. But intense multiple-offer situations are becoming less common, and some buyers are experiencing “cold feet.”

There were 5,169 active residential listings in October.

Price is increasingly important, as buyers are reluctant to overpay, Schwab said. He said he’s also seeing mostly traditional single-family home buyers looking to relocate, and fewer buyers looking to make a quick profit.

“I’m not observing a lot of investor buyers right now,” he said. “I think it’s a tough environment to flip properties right now unless you’re getting a smoking deal.”

Total market time grew to 41 days, up six days from September. That was below the 46-day level seen in October 2015.

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