Portland Home Prices Jump by Double Digits

September 18, 2013
Market: Portland, OR

Average home prices in Portland rose 14% year-over-year to $321,900 in August, sustaining the city’s streak of double-digit annual price increases, according to the Regional Multiple Listing Service. Prices remain 17% behind 2007 levels, when the housing market was at its peak.

New listings and pending sales also saw increases of 10.3% and 9.5% in August, respectively. Experts estimate it would take 3.1 months to clear the market of its unsold inventory, well below the 6-month level considered characteristic of a healthy market.

Read more at the Portland Business Journal.

Single-Family Home Supply Cannot Keep Up with Demand in Washington

August 6, 2013
Market: Washington

According to the Northwest Multiple Listing Service, the state of Washington’s housing inventory decreased 5.5% year-over-year in July, falling to a level that would accommodate demand for just 2.6 months. Inventory is even lower in the state’s job centers, as the current pace of single-family home sales in King County would exhaust supply in only 1.5 months.

With supply decreasing and demand increasing, prices are rising accordingly. Statewide, closed sales rose 27.5% year-over-year in July, and the median sales price (including condos and single-family homes) rose 10.8%.

Read the full article at Puget Sound Business Journal.