PORTLAND, Ore. (KOIN) – New listings and the average sale price of homes in the Portland metro area both decreased in August, according to the latest Regional Multiple Listing Service Market Action report released Wednesday. 

In August, there were 3,209 homes listed for sale in the Portland area, down 13.2% from the number listed in August 2021 and 14.7% from those listed in July 2022. 

The average home sale price in the Portland metro area took the steepest dive it’s had in months. In August, the median sale price was $548,400, down 3.1% from July when the median price was $566,000. 

While this might be a good sign for buyers, they’ll still be house hunting in a relatively competitive market, since the housing inventory dropped to 1.8 in August. This means if no other houses were listed for sale, the number of available homes would sell within 2 months. 

RMLS says total market time increased in August to 28 days, which suggests the lower inventory is a result of fewer homes being listed. 

Overall, the average sale price during the first eight months of 2022 is still 8.6% higher than the same period in 2021. 

In the Portland metro region, homes were the most affordable in Columbia County where the average sale price was $430,000 in August. 

In Southwest Washington, the average home price was lowest in Central Vancouver at $384,300. 

According to the latest July 2022 information from real estate site Redfin, homes in Portland receive four offers on average.