The average home sale price for the Portland Metropolitan area decreased 5.5% to $478,554 this February, compared to $506,554 the previous month. However, compared to the same time last year, the average price is up 9.9%.
Nationally, the average sale price reflected the decrease we saw locally. For comparison, January’s national average was $360,900 (down from December’s average of $378,900), which remains roughly $100,000 less than what we are seeing in our markets. February’s national averages are not yet out, as the Hasson Company collects its own data to provide you with the most current and relevant market update each month.
February saw an increase in both new listings (up 12.4%) and homes pending (up 15.6%) compared to January, but the number of homes sold is down 10.1%. While homes being sold fell, CNBC’s Diana Olick noted that there’s reason to be optimistic this spring for both buyers and sellers. According to Doug Duncan, senior vice president and chief economist at Fannie Mae, “Millennials showed especially strong increases in job confidence and income gains, a necessary precursor for increased housing demand from first time homebuyers.”
Comparing our local market to February of last year, we’re continuing to see less new listings (down 13.7%), less homes sold (down 8.3%), and a decrease in homes pending (down 17.5%).
Home inventory stayed constant at 1.9 months. Our local inventory is still lower than the national average of 3.2 months in January.
Southeast Portland took the lead in new listings and homes sold this February, for a grand total of 202 and 126 respectively.