Overview/Fluctuations ~ August 2023 Market Data: Sept 18, 2023
Here’s our mid-month look at the released numbers from the prior month~
We’re heading into the Fall season now, where activity tends to pick up after a lull/last hurrah of vacations in August. We tend to see an uptick in Listings and Buyers seem to be out in dedicated fashion.
In August Inventory showed a bit of a dip but not much. We still have a pretty pronounced shortage of homes persisting. Prices are down from July in most places. Check out the Neighborhood Report below for specifics on various parts of Portland’s metro & surrounding areas.
Rates (9/22/23): “It’s not clear when interest rates will begin to drop. However, the good news is that all of the major Central Banks chose not to raise this week. This is a big change from the past 18 months of activity.” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-August 2023:
- There were 2,923 New Listings in August– which is down 8.9% from 3,209 in August 2022 and up 0.8% from the 2,899 in the previous month/July.
- At 2,155 August 2023’s Closed Sales (Solds) are down 16.5% from August 2022’s 2,581, and increased 12.7% from the previous month’s total of 1,912.
- At 2,053 August 2023’s Pending Sales (Accepted Offers) are down 18.9% from August 2022’s 2,530, and also down 4.3% from the previous month/July’s total of 2145.
- The Average Sale Price for August 2023 of, $608,300 is up a slight $600. from last year/August 2022’s $607,700, and down $12,100 from the previous month/July’s $620,400.
- The “Median Sale Price (the price smack dab in the middle of all sales) in August 2023 of $536,000 dropped $12,400 from August 2022’s $548,400, & $13,900 from July’s $549,900.