June 2008 Results: Treading Water

Treading WaterMore 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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July 9, 2008 · Filed Under Forecasts, Market Activity

Comments

One Response to “June 2008 Results: Treading Water”

  1. Uncle_Git on July 10th, 2008 9:08 am

    Jeff Kempe has some numbers up on June pendings from Terradatum – last few months are below.

    June -23%
    May -25%
    April -23%

    More of the same basically.

    Interesting question – what happens to the mortgage market if FNM and FRE are no longer viable businesses going forward ?

    http://www.bloomberg.com/apps/news?pid=20601087&sid=a7NPAG.LEjHQ&refer=home

    I’m pretty sure it would radically change the mortgage landscape as they hold around $6 Trillion worth of the US mortgage market.

    Both entities are expected to be insolvent by fair accounting rules this Qtr…

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