July 2013 RMLS Market Action

Real Estate Advocate

Time for a break. Take a breath and exhale slowly. That is what the market did too this past month. It has been 3 years, 2010 since the Portland Market Inventory has actually increased between May and June.

Market time is still climbing downward at a decent pace. It fell 38.4% from last year and 17.6% from last month. This figure is getting closer to winter 2007, December 2007 had 73 days on the market average time.

Interest rates going up, 4.5% today on average for a 30-year loan, has definitely changed a few buyers’ earning power. The .5% costs about $90 a month more for a $300,000 home or takes a $300,000 home search down to $260,000-$270,000.

Compared to Last Year
Inventory up to 2.9 months.
Closed sales up 11.9%.
Pending sales up 15.2%
New listings up 16.9%.
Average Sales Price up 10.5%
Median Sales Price 12.4%

Compared to…

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