June 2008 Results: Treading Water
More early analysis of Portland’s June 2008 real estate market results.
I noted last week that unit sales were basically flat from the previous month, but down 32% from June 2007.
Despite discouraging economic news, prices remain resilient in the face of rising inventory. The median price for June will be approximately* $288,000, which is down 2.4% from June 2007’s $295,000 result. The average sale price will be in the $349,900 range, less than a percentage point down from last year ($352,400).
Compared to May, the median is up marginally, and the average rose about 4%.
Available inventory is still in the 9.5 months’ range, with nearly 17,600 active listings on the market. I have heard that June’s pending sales were very strong, but don’t have any first-hand data to support that.
* Note - These numbers will likely shift a little when RMLS puts out their report in a week. I’ll update each market area at that time.
Photo courtesy of fatniu, used under Creative Commons license.
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1 comment July 9th, 2008
