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July Closed Home Sales Breaks Portland Record

The July 2015 RMLS Market Action Report was published today. Here are the highlights:

Closed sales increased 4.5% over June (3,452 vs 3,302) and 28.9% compared to July 2014 (3,452 vs 2,678). More homes closed in July 2015 than in any July on the RMLS record. It was also the largest month for closings since August 2005.

Total active listings increased 5.9% over June (5,708 vs 5,388), yet decreased 26.1% compared to July 2014 (5,708 vs 7,727).

Months inventory increased slightly from June (1.7 vs 1.6 months), and was way below to July 2014 (1.7 vs 2.9 months). This continue to be an inflationary indicator, as six months inventory is generally considered to represent a balanced market.

Pending sales fell 3.1% from June (3,494 vs 3,605), yet increased 24.7% compared to July 2014 (3,494 vs 2,802). A lot of homes will close escrow in August and September, and when that is combined with the low supply we think their prices will continue to reflect a strong price growth trend.

The market will eventually cool. It always does. If you want to take advantage of the market while it is still hot, call us at 503.222.4300.