The RMLS Market report published today shows that sales activity in the Portland Metro Area slowed down in August compared to the previous year. New listings are down 27.1% from August 2007. Closed sales are down 30.7% and pending sales fell 22%. Closed sales and pending sales are also down somewhat from July 2008.
Average sales price is down 6.7% from this time last year while the median sale price dropped 7.3%. Compared to last month, the average price dropped 2.7% and the median price dropped 2.8%. This is a clear indication that real estate values have dropped in the Portland area market. Our average home price is now $331,300 and the median home price is $280,000.
The amount of inventory in our area remains high. We have 9.9 months of available inventory at the current rate of sales. This is down a little from last month but well above last year’s inventory (6.2 months) and that of August 2006 (3.6 months).
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