Well the numbers for the July 2016 Portland Metro Market Action came as a little bit of a shock yesterday as we saw the median sales price tick down 1.9% from the previous month in June. Sales are down by 12.1% which is somewhat expected with low inventory. The last time we saw this happen was in 2012 when we went down 12.1% as well. The previous 3 years we have actually increased by 10.2%, 2.3%, and 4.5% for sales from month to month.
However, we have not seen a price drop in the median this large since 2010 went we went down 1.6%. In 2009 we dropped 13.3% between June and July. This is a pretty sharp move for the metro area in such a short time when prices generally move slightly up or down during the summer. In 2015, we went down 0.6% in the same month-to-month period.
Compared to Last Year
- Inventory up to 1.9 months from 1.7.
- Closed sales down -19.6%.
- Pending sales down 5.5%
- New listings up 2.3%.
- Average Sales Price down 10.3%
- Median Sales Price up 11.6%
Compared to Last Month
- Inventory up to 1.9 months from 1.5.
- Closed sales down -12.1%
- Pending sales down -2.6%
- New listings down -2.9%
- Average Sales Price down -1.2%
- Median Sales Price down -1.9%
The Full Report Here:July 2016 Market Action