Okay. so the market is now officially cooling. That’s to be expected as the grey clouds roll in, and most folk are looking to get cozy wherever they already call home. Closed sales grew sluggish, ending 5.8% below the closings recorded this time last year, and 12.3% less than last August. Fewer listings went pending, slowing 11.1% from last month. Prices continued a slow and steady incline, and remain a constant reflection of our city’s growth. However, there’s a bright side for buyers. While still strongly a seller’s market, we’ve seen three straight months of increased inventory – which is never bad news if you’re looking to purchase a home. Scouts don’t hibernate over the cold months, btw. Cooler weather means it’s time for a little extra hustle, and there are many opportunities out there for us to help our clients on their next big housing adventure.
Overall Portland Prices:
- Average sale price in the metro area for 2017 through September was $428,800, an 9.2% increase from this time last year.
- The median sale price also increased 10.1% to $379,900 in the same comparison.
- Rates inched upwards to 4.625% for a 30-year, fixed, conventional with excellent credit.
Sign up to receive the bi-monthly Scouting Report email newsletter at the bottom of our home page!
Scout strives to keep it real, but with that being said, all information contained within this report is deemed reliable but not guaranteed at the time of posting.