While home sales cooled slightly in September as expected, the number of homes sold this year continue to be at their best. Approximately 2,200 homes have been sold each month this year - an increase of 2% from last year and 43% from when the market hit bottom in 2010!
The increase in sales has created a challenge for home buyers as the inventory of homes for sale is at an 8 year low. It's a seller’s market in many Portland Metro Areas especially within popular close-in neighborhoods. There is currently just 3.1 months of inventory - a more balanced market would have 4-5 months of inventory.
Continued demand combined with very few homes for sale has put an upward pressure on home prices. The average cost of a home in the Portland Metro Area is currently $338,100 - an increase of 7.4% this year. Many economist had predicted a 3% - 5% increase this year, and are projecting home prices to rise another 5% - 6% through July 2015.
Mortgage interest rates are about 4.25%. Call Brent Schreiber with Consolidated Community Credit Union at 503-872-9455 if you think it’s time to refinance or buy. You’ll be happy with Brent’s experience and commitment to serving his clients.
Please call me when it’s time to buy or sell a home. I’ll work hard for you!
Darin Provost, Broker
Vintage Real Estate
503-784-7626
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