Portland-area home prices up, sales drop in October
New Portland-area home listings were up in October, prices were up, but home sales dropped, according to a report released Friday by the Regional Multiple Listing Service's Market Action newsletter.
Last month's regional real estate market showed "some mixed numbers" as RMLS reported Nov. 16 that listings of new homes rose about 4 percent from a year ago, but closed sales fell by about 4.9 percent. Pending sales also fell in October by about 8.2 percent from a year ago.
Realtors reported that there were 6,550 active residential listings in the Portland area in October. Last month, there were 3,100 new listings in the region covering most of the six counties surrounding Portland (including Clark County, Wash.), RMLS reported, an increase from 2,981 listed in October 2017. It was the strongest October for new listings in the region since 2010, when 3,119 were offered, according to RMLS.
The region's home-sale inventory dropped to 2.7 months in October, with most houses staying on the market for about 53 days, RMLS reported.
Average sale prices in the region from October 2017 to October 2018 rose about 5.6 percent, from $429,400 to $453,600. The region's median sale price increased about 5.3 percent, from $379,900 to $400,000.
According to RMLS sales, the most affordable place in the Portland area last month was Columbia County, where the median sale price was about $288,800. Mt. Hood communities were also affordable, with median sale price of about $329,000. Yamhill County's median sale price was about $333,300.
The most expensive places to buy a home were Lake Oswego/West Linn, where the median price was $580,000, West Portland ($550,000) and North Washington County, including Sauvie Island ($506,600).