Overview/Fluctuations ~ Market Data:
As we move from summer to fall, we see a continuing trend of market stabilization. Inventory is still holding its own compared to last year but down slightly from the prior month. Prices are pulling back as far as the steep upward trend that we’ve been seeing, and activity remains strong with accepted Offers and Closings increasing in volume over July, and average time on market at 28 days. Even so, we’re slower this year than August 2021.
Rates: “Rates have pushed up based on inflation and are now around 6% for a 30-year fixed rate mortgage.” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-Aug 2022:
- There were 3,209 New Listings in August 2022– down 13.2% from 3,698 in August 2021 and down 14.7% from the previous month/July’s 3,763.
- At 2,581 August 2022’s Closed Sales (Solds) are down 19.8% from August 2021’s 3,219, and up 8.9% from the previous month/July 2022’s total of 2,369.
- At 2,530 August 2022’s Pending Sales (accepted Offers) are down 28.4% from August 2021’s 3,535, and also down 3.5% from the previous month/July’s total of 2,445.
- The Average Sale Price in August 2022 of, $607,700 is up $24,100 from last year/August 2021’s $583,600, and took a quick dive of $28,000 from the previous month/July’s $635,700.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in August 2022 of $548,400 rose from last year/August 2021’s $525,000 by $23,000, and is down $17,600 from the previous month’s $566,000.