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Portland home prices grow as listings fall
By: Chuck Slothower//September 17, 2021//
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Sale prices of Portland-area homes continued to climb in August, reaching a median cost of $525,000.
That was up 16.9 percent compared to a year ago, according to RMLS, a real estate listing service.
Low inventory continues to define the single-family housing market, depressing sales volume. RMLS reported 3,066 active listings in August, a 23.3 percent drop compared to a year ago. As a result, pending sales declined 4.4 percent compared to a year ago, but were up 5.4 percent from the previous month.
Closed sales were slightly better, increasing 2.2 percent compared to a year ago, but dropping 6.4 percent compared to July 2021.
Inventory came in at one month, up slightly from 0.9 of a month in July. Generally, six months is considered a balanced market.
Total time on market before sale was 23 days, a slight increase from July’s 20 days.
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