JULY RESIDENTIAL HIGHLIGHTS
A steady increase in new listings,along with a decrease in the number of transactions led to a rise in Inventory in the Portland Metro area.
Given the month’s rate of sales (2,624) the July inventory of 14,831 active residential properties would last 5.7 months. The number of
active listings grew 55%; there were only 9,555 active listings at the same time last year.
New listings continued to grow at 9.9%. Closed sales and pending sales dropped 3.3% and 14%, respectively.
APPRECIATION
Using the average and median sale prices for the twelve months that ended with July 2007 compared to the twelve months ending in July 2006, the average sales price appreciated 8.1% ($335,100 v. $310,000). Using the same formula, the median sale price appreciated 8.7% ($282,500 v. $260,000).
AFFORDABILITY
A family in the Portland Metro area making the median income ($63,800 in 2007 according to HUD) not afford to purchase a median priced home in the area ($295,000 in June).
According to a formula from NAR, a median income family in the Portland Metro area can only make up 88% of a monthly mortgage payment that has a 20% down payment and 30 year fixed rate.
This is the lowest affordability rate recorded since RMLS™ began tracking the data in 1994. However, this may be affected by changes to the way that HUD calculates median income.
NORTH PORTLAND
Previous Month's Average Sales Price: $268,200.
Year-to-Date Average Sales Price & Appreciation: $264,200, 8.2%.
NORTHEAST PORTLAND
Previous Month's Average Sales Price: $348,800.
Year-to-Date Average Sales Price & Appreciation: $319,100, 7.2%.
SOUTHEAST PORTLAND
Previous Month's Average Sales Price: $308,000.
Year-to-Date Average Sales Price & Appreciation: $288,600, 10.8%.
GRESHAM/TROUTDALE
Previous Month's Average Sales Price: $289,800.
Year-to-Date Average Sales Price & Appreciation: $282,300, 12.7%.
MILWAUKIE/CLACKAMAS
Previous Month's Average Sales Price: $319,000.
Year-to-Date Average Sales Price & Appreciation: $339,900, 7.1%.
WEST PORTLAND
Previous Month's Average Sales Price: $452,500.
Year-to-Date Average Sales Price & Appreciation: $462,300, 2.8%.
BEAVERTON
Previous Month's Average Sales Price: $300,500
Year-to-Date Average Sales Price & Appreciation: $289,200, 3.2%.
***This information is from the monthly market action report produced by RMLS and used by permission of RMLS. This information is copyrighted by RMLS, All Rights Reserved.
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