July typically slows as folks are out of town on vacation and picks back up again in mid August. Average Sale Prices during the month of July in most all areas of Portland took a dip as homeowners competed for a smaller pool of Buyers, and Median Sale Prices (middle range-point) stayed essentially the same. Inventory is inching up, and people are generally anticipating the lowering of rates to come, when I expect more to be willing to part with their current home & move on to their next adventure.
***Be sure to see the NEIGHBORHOODS REPORT below:
Rates: “Good news on the inflation front is supporting the Fed cutting rates soon. Right now 30-year fixed rates are in the mid 6% range. Gary Boyer, Regional VP, Gold Star Mortgage Financial
According to the RMLS Market Action Report for the Portland Metro Area July 2024:
- There were 2,905 New Listings in July which is up 0.2% from 2,899 in July 2023 and down 4.6% from the 3,044 in the previous month/June.
- At 2,075 July 2024’s Closed Sales (Solds) are up 8.5% from July 2023’s 1,912 and down 0.3% from the previous month’s total of 2,081.
- At 2,191 July 2024’s Pending Sales (Accepted Offers) increased 2.1% from July 2023’s 2,145, and decreased 1.2% from the previous month/June’s total of 2,217.
- The Average Sale Price for July 2024 of, $622,900 is up$2,500. from last year/July 2023’s $620,400, and down $13,300 from the previous month/June’s $636,200.
- The “Median Sale Price (the price smack dab in the middle of all sales) in July 2024 of $550,000 is basically the same as July 2023’s $549,900, & down $15,000 from June’s $565,000
