June 2024 Portland Metro Real Estate Market Update
In June 2024, the Portland Metro real estate market some abrupt changes. New listings saw a decrease of 13.2% from May and 7.7% from last year. Pending sales also dipped by 6.2% month-over-month and 2.4% year-over-year. Closed sales slightly decreased by 2.8% from May and 0.2% from June 2023.
Month-over-Month Analysis
New Listings: New listings dropped by 13.2%, indicating a slower influx of sellers into the market.
Pending Sales: Buyer activity saw a 6.2% decrease, reflecting a dip in market interest.
Closed Sales: The number of finalized transactions fell by 2.8%, suggesting a slight decline in successful deals.
Average and Median Sale Prices: Both average and median sale prices increased, by 1.1% and 1.2% respectively, indicating a continued appreciation in property values.
Year-over-Year Analysis
New Listings: There’s a 7.7% decrease in new listings, pointing to fewer new properties entering the market compared to the previous year.
Pending Sales: A 2.4% decline in pending sales indicates a slight reduction in buyer activity.
Closed Sales: Closed sales remained almost steady with a minimal decrease of 0.2%, indicating stable market dynamics.
Average and Median Sale Prices: Prices rose by 1.5% for the average sale price and 0.9% for the median sale price, showing a steady increase in home values.
Conclusions
Month-over-Month: The market experienced a slowdown, with declines in new listings, pending sales, and closed sales, but home values continued to appreciate. This drop in activity with both buyers and sellers indicates continued uncertainty in future market conditions, somewhat typical for election years.
Year-over-Year: Annually, the Portland Metro market saw a slight decrease in new listings and pending sales, but closed sales remained stable. Overall, the market is looking very similar to last year with low supply and constrained demand due to uncertainty in mortgage rates. Sellers still seem to be winning this tug of war with average prices increasing, albeit at a slower rate than previous years.