June Portland Residential Real Estate Recap
All residential real estate indicators were positive in June 2012 when comparing them with a year ago. There were 2,435 accepted offers, 21.7% more than reported in June 2011, although down slightly (-3.4%) from last month.
The 2,244 closed sales represent a 14.6% increase over the same month last year, when 1,958 were recorded, and 7.0% more than the 2,098 sales in May. This represents the highest number of closed sales since August 2007 when there were 2,554 closings.
The unsold inventory in months dropped again in June and continues to be the lowest it has been since March 2007 when it was 3.8. It would take only 3.9 months to sell the 8,799 active listings at the June rate of sales.
Home sale price measures were all positive in June. The median sales price rose 8.6% when comparing June 2012 with the same month in 2011 and 2.9% when comparing the first two quarters of 2012 to that period in 2011. This is the third consecutive month in 2012 that the median home price has risen.
What this means to potential home buyers…
The significant uptick in demand and the lagging inventory are causing home prices to steadily increase. Multiple offer scenarios are once again becoming the norm. Properties that are reasonably priced are selling in the first week or two, sometimes in the first days on market.
Mortgage Rate Update (as of 7/19/12)
Another week, another record low for residential loan rates. Freddie Mac announced that for the week ending July 19, 30-year fixed rates fell to 3.53% from 3.56%. The average for 15-year loans decreased to 2.83%.