Monthly Market Report–Data Thru June 2019
all the charts are interactive: click or hover for each data point
What’s happening in the Portland home sales market? On the pricing side metro area sales prices have flattened. This leveling of prices has been appearing in the rolling 12 month average data for months now, but it shows up in June on a month to month basis also. Average home price for May 2019 was $471,200 and for June it was $472,700. Median home price was $420,000 in both May and June of 2019.
The rolling 12 month average price comparison continues to show its downward trend with price changes for average amount of 2.6% and for median of 2.3%.
The above chart shows the percent of change in the price of a home based upon the average or median price over a period of 12 months (ending with that month) as compared to the price of a home for the same 12 month period but ending 1 year earlier.
On the supply and demand side of things tight inventory is often been cited as a dominant factor in why prices have risen over the past few years and why they remain strong. The chart below shows that the volume of active residential listings has increased a bit compared to levels of 2017 and 2018.
Inventory expressed as months supply ticked up a bit in June and a look at the supply and demand chart below the inventory chart shows that active, pending and closed sales are all down from the month before and, except for pending sales, they are also down from the same month a year ago. Marketing time expressed as days on market dropped May to June, remains higher than the previous 3 years.
So we still see a 2-3% price appreciation over a 12 month period. Demand remains steady, if slightly down. Inventory at 2.4 months is still low, but is the supply easing a bit? Mortgage interest rates are low. Once again, without a significant change in demand and/or a significant uptick in interest rates, Portland metro home prices seem unlikely to decline. The good news continues to be that home prices are/have leveled. Ownership offers a comfortable rate of appreciation. Buyers don’t have to feel like home prices are on a freight train rushing past and away from them.