Portland Home Sales, Prices Tick Upward Slightly

Early analysis of Portland’s real estate market performance for February 2009 shows a modest increase in home sales volume and a stabilization in sale prices, compared to previous months.

While RMLS will publish its official report around the 15th, at ~843 units, home sales are up about 15% over January’s disastrous results.

The median price will come in around $259,000 — about 3.5% higher than in January. It is the first increase in median value since October 2008. Average prices were about even with last month.

By no means does this signal recovery of any sort. The sales volume in February is half of the average of the past five years. Pending sales, a leading indicator of future months’ sales volume, is less than half of the past 5-years’ average.

Photo by thespeak, used under Creative Commons license.

March 6, 2009 · Filed Under Market Activity

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