Tuesday, July 15, 2008

Portland RMLS Market Action Report – June 2008

The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for June 2008 was $289,000 this is a 2.0% decrease from the median sale price for June 2007.

The Portland residential real estate market peaked in August 2007 with a median sale price of $300,000. Prices have now fallen 3.7% from that peak.

Months of supply (total inventory/monthly sales) sits at 9.5 months compared to the 5.0 months of supply for the same month last year. A balanced market has about 7 months of supply.

The first graph compares the median and average sale price with the months of supply. Click on any graph for a sharper image.


The second graph shows the total supply of homes available for sale. This is simply a calculation of the months closed sales multiplied by the months of supply. There are currently 17,831 homes for sale; this is an increase of 30% from the same month the year before.


The third chart shows closed sales by month. There were 1,877 closed sales during the month; a decrease of 16% from the same month the year before.

The fourth chart shows new listings by month. There were 5,213 new listings during the month; a decrease of 31% from the same month the year before.

The final graph shows how affordable the median priced home is for a family of four. History indicates the ratio is usually between 2.5 and 3.0. Prices would have to fall 30% from the current median for the index to reach a ratio of 3.0.


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