October
OCTOBER 2005 MARKET NEWS

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October Residential Highlights

Temperatures may be dropping outside, but inventory continues to climb in October. At the end of October, there were 6,308 active residential listings in the Portland Metro area’s market. Given the month’s rate of sales, they would last 2.2 months (see table to right).  New listings increased 13.9%, when comparing October 2005 to October 2004. Accepted offers and closed sales both grew 5.7% and 5.8%,respectively (see table below).

Appreciation

Comparing the 12 months ending in October 2005 to the 12 months preceeding them, the appreciation rate is up 14.2%. The average sale price was $276,700–up from the $242,200 average for the twelve months prior. Using the same date range median sale price appreciated 15.0% ($230,000 v. $200,000).

Affordability

Per an NAR formula, a family making the area’s median annual income ($67,900 per HUD) was making 21% more than required to afford a median-priced home ($249,000) (see graph on last page).  Also required is that the family secured a 30-year fi xed-rate mortgage at Freddie Mac’s average rate (5.77%, at the time) and supplied a 20% down payment.

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