Overview/Fluctuations ~ July 2023 Market Data: Activity in July was down from last year and from the month prior. A slow-down in July is not exactly unusual as people go on vacation roughly after the 4th of July onward, and then things pick back up a bit mid-August. Metro Area Inventory is increasing at 2.4 months for July. Time-on-Market is holding at 33 days. I took a look at what price-ranges are getting the most action: In July 2021 the hottest range was $308,000-$506,000. July 2023: $275,000-$422,000.
***See Neighborhood Breakdown Report At The Bottom***
Rates: “Interest rates are being pressured higher right now. Currently, 30-year fixed rates are in the mid to upper 7% range” Gary Boyer, Regional VP, Directors Mortgage
For the long-term, the outlook is still positive: eight major research institutions are all forecasting rates down next year.
According to the RMLS Market Action Report for the Portland Metro Area-July 2023:
- There were 2,899 New Listings in June– which is down 23.0% from 3,763 in July 2022 and also down 12.1% from the 3,298 in the previous month/June.
- At 1,912 July2023’s Closed Sales (Solds) are down 19.3% from July 2022’s 2,369, and also down 8.3% from the previous month’s total of 2,085.
- At 2,145 July 2023’s Pending Sales (Accepted Offers) are down 12.3% from July 2022’s 2,445, and also down 5.6% from the previous month/June’s total of 2,272.
- The Average Sale Price for July 2023 of, $620,400 is down $15,300 from last year/July 2022’s $635,700, and down $6,400 from the previous month/June’s $626,800.
- The “Median Sale Price (the price smack dab in the middle of all sales) in July 2023 of $549,900 dropped $16,100 from July 2022’s $566,000, & is down $10,000 from June’s $559,900..