Overview/Fluctuations ~ September 2024 Market Data:
The big news for September is that there is no real big news. Things are shifting slowly following the Fed’s interest rate cut on Sept 18, and this is taking some time to impact on the ground & won’t show much for Sept. The things we *are* seeing include increasing Pending sales (not decreasing) from the month prior, increasing Inventory, most neighborhoods back in appreciation territory, and/but overall downward pressure on price with “time on market” increasing from 48 days in August to 55 days in September, further indicating Buyers waited it out. Though it takes time for the Fed’s actions to impact mortgage rates, it is happening, and we see increased activity, and notably happier Buyers out making Offers!
Rates: “Strong jobs numbers have halted rates dropping, but the Fed has signaled more cuts ahead which should help. Right now we are in the low 6% range.” Gary Boyer, Regional VP, Gold Star Mortgage Financial
According to the RMLS Market Action Report for the Portland Metro Area September 2024:
- There were 2,589 New Listings in September which is down 4.6% from 2,713 in Sept 2023 and down 3.0% from the 2,669 in the previous month/August.
- At 1,702 Sept 2024’s Closed Sales (Solds) are down 0.9% from Sept 2023’s 1,717 and down 13.0% from the previous month’s total of 1,957.
- At 2,076 Sept 2024’s Pending Sales (Accepted Offers) increased 14.8% from Sept 2023’s 1,809, and increased 1.2% over the previous month/August’s total of 2,052.
- The Average Sale Price for September 2024 of, $617,200 is up$21,300. from last year/Sept 2023’s $595,900, and down $3,600 from the previous month/August’s $620,800.
- The “Median Sale Price (the price smack dab in the middle of all sales) in Sept 2024 of $541,000 is up $3,700 from Sept 2023’s $537,400, & down $14,000 from August’s $555,000
