Welcome to the PortlandMarketWatch.com Blog

2019-08-15 16:37:39
Market Update :: August 2019

August has historically been SLOW going for Portland real estate – but the long term technicals are showing mixed signals. Portland’s real estate market continues to stabilize as prices are treading sideways. The last 3 years have seen typical rolling movements with prices topping out in Spring (April) and bottoming out in Fall (November). The yearly lows continue to move higher, however, the yearly high price points are moving lower – thus creating a tightening band of home price movements. Portland median list price is currently $549,000 (which is off the highs established over the last 3 years – but also well above the lows.

Inventory pped to 2.3 Months (from 2.4 last month) and closed sales jumped 7.6% compared to July, 2018. Other positive signals include rock-bottom mortgage rates at below 4%. $100,000 would cost a borrower only $463/month (at 3.75% 30-year mortgage). This low cost of money has helped the Affordability index increase steadily the past 12 months.

Expect more market weakness for the dog days of August – but activity will increase and prices should continue to stabilize as we head into the fall season.

 
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BrianSpear
(503) 515-9374
Spear@JMAProperties.com
Licensed Real Estate Brokers in the State of Oregon

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