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.

Share and Enjoy:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Related posts:

  1. Portland Real Estate Market Results - August 2008 Final So, how long, really, does it take to sell a...
  2. A Preview of Portland’s May 2008 Real Estate Results The Portland real estate market bounces back from a lackluster...
  3. Portland Early Results - August 2008 We at the 12-month anniversary of the official peak of...

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…

Leave a Reply