The average home sale price for the Portland Metropolitan area stayed fairly constant this June, increasing only slightly to $505,544 from May’s $504,465.
Nationally, May’s national average followed this trend, but on a larger scale, increasing to $406,400 from April’s average of $367,700. Our local markets continue to remain over $100,000 more than what we are seeing nationally. June’s national averages are not yet out, as the Hasson Company collects its own data to provide you with the most current and relevant market update each month.
Much of last month’s activity carried over as we continue through the busy summer months. June had an 8.7% increase in new listings and a 7.7% increase in homes sold. Pending homes, however, decreased 6.3% compared to last month. The flow of activity is not surprising as RisMedia reports that the Fannie Mae Home Purchase Sentiment Index® shows June reached a new record high for sellers who believe now is a good time to put their home on the market.
Things aren’t too different when comparing our local market to June of last year. New listings increased 8.3%, but both homes sold and homes pending decreased, 0.4% and 2.3% respectively. The increase in new listings compared to last year is comforting. In an analysis of realtor.com®’s latest data preview, RisMedia reported that “housing inventory is officially on its longest downward stretch in two decades, with 11 percent less homes on the market year-over-year in June.”
For our local market, home inventory stayed fairly low at 2.4 months and continues to remain much lower than the national average of 3.1 months in May.
The Tigard and Wilsonville area remain extremely active, leading the Portland Metropolitan area in both new listings (386) and homes sold (272) last month.