Residential Review: Portland, Oregon Market Report July 2008

July Residential Highlights

July sales activity mirrored June's numbers in 2008. However, activity continues to decrease compared to the same month a year ago.

Looking at July 2008 compared with June 2008, pending sales picked up a slight 0.4% (2,03 vs 1,996). Closed sales fell 2.5% (1,831 vs 1,877), however. New listings increased 0.5% (5,237 vs 5,213).

Comparing July 2008 with July 2007 shows a different story. Pending sales decreased 22.3%, while closed sales were down 30.2%. New listings also dropped 9.9%.

At the month's rate of sales, the 18,219 active residential listings would last approximately 10 months if no new listings were to enter the market.

Year-to-Date

Comparing the period of January-July 2008 to the same period in 2007 shows that new listings decreased 1.7%. Closed sales and pending sales declined 34.3% and 32%, respectively.

Sale Prices

The average sale price for July 2008 was down 3.5% compared to July 2007, while the median sale price dropped 3.9%.

Month-to-month, the average sale price and median sale price are bothdown compared to June 2008 levels; the average sale price dropped 2.4% ($340,500 vs $348,800) and the median sale price fell 0.3% ($288,200 vs $289,000)

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