Thursday, August 14, 2008

Portland RMLS Market Action Report – July 2008

The Regional Multiple Listing Service released the Market Action Report this week and the median sale price for July 2008 was $288,200 this is a 3.9% decrease from the median sale price for July 2007.
The Portland residential real estate market peaked in August 2007 with a median sale price of $300,000. Prices have now fallen 3.9% from that peak.
Months of supply (total inventory/monthly sales) sits at 10.0 months compared to the 5.7 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 18,310 homes for sale; this is an increase of 22% from the same month the year before.

The third chart shows closed sales by month. There were 1,831 closed sales during the month; a decrease of 30% from the same month the year before.

The fourth chart shows new listings by month. There were 5,237 new listings during the month; a decrease of 9.9% 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 29.7% from the current median for the index to reach a ratio of 3.0.


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