July 2024 Portland Metro Real Estate Market Update
In July 2024, the Portland Metro real estate market showed mixed performance. New listings remained stable with a slight increase of 0.2% from July 2023 but dropped by 4.6% compared to June 2024. Pending sales were up by 2.1% year-over-year but decreased by 1.2% from the previous month. Closed sales saw a strong increase of 8.5% compared to July 2023, though they dipped slightly by 0.3% from June 2024.
Month-over-Month Analysis
New Listings: New listings dropped by 4.6% from June, indicating fewer sellers entering the market.
Pending Sales: Pending sales fell by 1.2%, reflecting a small decrease in buyer activity.
Closed Sales: Closed sales decreased by 0.3%, showing a relatively stable market with slight cooling.
Average and Median Sale Prices: Both average and median sale prices declined, with average prices down 2.1% and median prices down 2.7%, pointing to some softening in home values.
Year-over-Year Analysis
New Listings: New listings were nearly flat with a slight increase of 0.2% compared to July 2023.
Pending Sales: Pending sales rose by 2.1%, signaling a modest increase in buyer interest compared to last year.
Closed Sales: Closed sales surged by 8.5%, highlighting a stronger market compared to July 2023.
Average and Median Sale Prices: The average sale price saw a modest increase of 0.4%, while the median sale price held steady, indicating overall stability in home values.
Year-to-Date Summary
Comparing the first seven months of 2024 to the same period in 2023:
• New Listings: Increased by 3.1%, showing a more active market this year.
• Pending Sales: Decreased by 0.9%, indicating a slight dip in buyer activity over the year.
• Closed Sales: Increased by 1.2%, reflecting steady market performance.
• Average Sale Price: Increased by 1.9%, rising from $599,300 to $610,700.
• Median Sale Price: Increased by 2.3%, growing from $532,500 to $545,000.
Wrapping Up
Month-over-Month: The market showed some signs of slowing down in July, with declines in new listings, pending sales, and closed sales, along with a slight dip in home values. However, the market remains active and stable overall.
Year-over-Year: Compared to last year, the market is performing well, with strong gains in closed sales and stable pricing. The year-to-date trends show continued growth in both listings and prices, suggesting a resilient market.