Ignite FB Tracking PixelPortland area sees home sales bump in September - Dave Hiller
Core, Realtors

Portland area sees home sales bump in September

by Dave Hiller 10/21/2019

Mortgage Rates Over Time

 

Source: St. Louis Federal Reserve Bank https://fred.stlouisfed.org/series/MORTGAGE30US

This year our housing market sales took a while to get going. With mortgage interest rates dropping below 4% along with slowing home price appreciation, buyers came back to the market.  With the upcomming election year, more than likely mortgage interest rates will stay below 4% through 2020.  The challenge will remain is low inventory levels of homes for sale. Still it is a good time to get a new home. Here are more details.

 

Portland-area home sales jumped in September compared with a year ago, bringing a jolt to the housing market during the waning months of a slow year.

Nearly 2,400 homes sold across the metro area last month, according to the local listing service RMLS. That’s a 4.6% increase compared with the same month in 2018.

Contracts for home sales that will close over the next couple of months also climbed 8.7% compared with a year earlier, suggesting the market’s renewed strength could persist.

The number of new listings dropped, meanwhile, at a time when demand already outpaces supply and sellers have retained most of the negotiating power. There were 6,600 active listings on the market at the end of the month, fewer than the year prior.

Home prices rose at their fastest pace in more than a year. The median price jumped 4.5% compared with a year earlier to $410,000.

Signs of slowness in the market remain. The homes that sold in September were listed for an average of about 7½ weeks, a week longer than the same time last year.

The housing market nationally has gotten a boost from mortgage rates that have fallen near to record lows. Last September, rates were on the upswing, headed closed to 5% for a 30-year fixed-rate loan in October.

Rates fell precipitously this year, reaching a three-year low in September. Last week, the average 30-year fixed mortgage rate was 3.57%.

The region’s housing market for the year so far remains slower than 2018. Despite September’s boost, closed sales to date still lag last year’s by 2.5%.

 

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About the Author
Author

Dave Hiller

SRS, GRI, SRES®

HOWNW.com Certified Specialist

Core, REALTORS®

License No. 201226626

Oregon Licensed Broker

Hi, I'm Dave Hiller and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.