Have we mentioned Elliot Njus lately? Real estate writer for Oregon Live? He does a great job covering the highs and lows of the Portland Metro housing and urban growth market. We read everything he writes. You might want to follow him on Facebook.
Here’s a summary from his recent article:
In May 2019, home sales hit their highest level in nearly two years, according to new numbers from the listing service RMLS. And median sale price soared to a record of $420,000 — up from $417,900, set last June.
It’s unclear whether this trend will hold, but this may be the new normal after the tumultuous last two years.
RMLS reported that nearly 3,000 Portland-area homes were sold in May, the most since August 2017. Another 3,300 went pending during the month, indicating strong volumn in future months.
Falling mortgage rates helped. If the May 2019 home sales rate continues, all 6,200 homes on the market would sell in 2.1 months. Still a seller’s market in other words, but edging toward the buyer with longer time to sell.
Also to sellers benefit, median sale price , which held steady from September to April 2019, leaped to $420,000 in May. That’s a 2.7% increase compared to the previous year and a jump over the previous record high of June 2018.
Copyright 2019 Susan S. Bradley. All rights reserved.