While it’s been a scorcher on the streets of Portland, the same cannot be said for real estate. Whether everyone’s been out of town for summer, or they’re just taking a breather from the fray, activity was generally – and noticeably – slower. In fact, pending sales fell 7.9% short of this time last year, and 6.6% short of this time last month. New listings dropped across PDX, down 3.9% from July 2016, and a significant 11.3% from June 2017. So yes, the market is indeed cooling, and yet prices continue to creep upward. Are buyers feeling more assertive, while sellers are being more cautious? The market is a living, breathing thing, folks, and a great agent knows how to adapt and roll with the punches. And hey, we’ve got plenty of great agents at Scout, don’tyaknow.
Overall Portland Prices:
- Average sale price in the metro area for 2017 through July was $428,000, an 9.3% increase from this time last year.
- The median sale price also increased 11.2% to $378,000 in the same comparison.
- Rates dipped a pinch to 4.0% for a 30-year, fixed, conventional with excellent credit.
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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.