PORTLAND, Ore. (KOIN) – Portland homes are staying on the market longer, but the median sale price remains about the same from August, according to the September Regional Multiple Listing Service Market Action report released Saturday.
The report showed that housing inventory is once again above 2 months. It’s now 2.2, meaning if no other houses were listed for sale, the number of available homes would sell within 2 months.
This is the highest the housing inventory has been since May 2020 and only the second time it’s reached 2 months or more since then.
The number of new listings decreased only slightly from August to September, down 1.8%. However, the number of pending sales and closed sales dropped significantly.
Pending sales decreased 20.8% from the 2,530 offers accepted in August and closed sales decreased 13.3%.
The median sale price in the Portland metro area in September was $548,000, down only $400 from the median sale price of $548,400 in August.
Overall, the average sale price for the Portland metro area during the first 9 months of the year is $617,000.
In the Portland metro region, homes were the most affordable in the Columbia County area where the average sale price was $430,000 in September.
In Southwest Washington, the average home price was lowest in Central Vancouver where the average sale price was $399,900 in September.