Portland metro home sales stand in October

Portland-area home sales rebounded in Oct after a delayed September, though a housing marketplace stays indolent compared to a year ago.

The metro saw 2,440 homes sole in October, according to a Regional Multiple Listing Service, adult 7.4% compared with Sep though down 4.9% from a same month a year earlier.

Sale contracts also fell year-over-year, foretelling some-more declines.

Portland, Ore.

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Home prices continue to rise, however. The median home cost climbed 3.9% from a year ago, reaching $395,000.

The multiple of rising prices and a augmenting cost of borrowing has put a check on a before impassioned market. Mortgage rates are during their top turn in 8 years, with a 30-year fixed-rate normal sitting only next 5%, according to Freddie Mac.

As sales have slowed, homes on a marketplace have started to raise up, though one magnitude suggests it’s still a seller’s market.

If October’s rate of sales continued, it would take 2.7 months to sell all 6,550 homes listed during a finish of a month. A supply of reduction than 5 to 6 months suggests a seller’s market, and that figure hasn’t climbed above 4 months given 2014.

The homes that sole in October, however, spent 53 days on a marketplace from inventory until an offer was accepted. That’s a week slower than a year prior.

Matthew Gardner, arch economist for Seattle-based Windermere Real Estate, pronounced a numbers uncover Portland is relocating toward a some-more offset market.

“Perceptions are being lopsided by a fact that a area has not gifted a offset marketplace given before a ’08 burble burst,” he said.


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Article source: http://www.nationalmortgagenews.com/articles/portland-metro-home-sales-climb-in-october

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