Portland real estate activity cooled a bit this July. Closed sales fell 12.4% from June when 3,187 closings were recorded and were just 0.6% higher than the 2,776 closings recorded last year in July 2016.
Similarly, new listings showed a 3.9% decrease compared to July 2016 and a 11.3% decrease compared to June 2017. Inventory crawled up to 2.1, the first time it has been more than 2 months since February 2015.
Home prices continue to rise in the Portland metro area. Comparing 2017 to 2016 through July, the average sale price rose 9.3% from $391,600 to $428,000. In the same comparison, the median sale price rose 11.2% from $340,000 to $378,000.