July
JULY 2005 MARKET NEWS

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July Residential Highlights

After months of record lows Portland’s inventory measure appears to be back on the rise due to an increase in new listings and slight decrease in closed sales when comparing July 2005 to July 2004.  The number of new listings is 10.2% larger (see table below). Closed sales decreased 0.1%. The number of pending sales was 17.6% greater.  At the end of July 2005, there were 5,658 active residential listings in the Portland Metro area. Given the month’s rate of sales they would last 1.7 months (see table to right).

Appreciation

The area’s average sale price for the last twelve months was $263,200–up 11.4% from the $236,300 average for the twelve months prior. Using the same date range median sale price appreciated 12.8% ($220,000 v. $195,000).

Year-To-Date Trends

The number of pending sales increased 15.8% when compared to July 2004. Closed sales increased 14.9% and new listings grew 2.2%.

Affordability

With a median family income of $67,900 (per HUD) in June, the month ending 2005’s second quarter, Portland’ median family has 29% more income than needed to afford the area’s ever increasing median housing prices ($239,000) due to continuously low interest rates (5.58 for a 30-year fixed mortgage per Freddie Mac). The affordability index (129, see chart on last page) is based on a formula from NAR.

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