Market Statistics for July 2009 in the Portland MLS

As the mercury rose so did July sales. The Portland real estate market heated up by 8.6% over the same month last year, marking the first time same-month closed sales have increased since April 2007. It looks like first-time home buyers are taking advantage of the low interest rates and the $8000 credit.

Here's some highlights from the report:

"This July pending sales also grew 8.3%. New listings dropped 25.4%. Comparing July 2009 with June 2009 closed sales increased 11.9% (1,988 v. 1,776) and pending sales were up a slight 0.3% (2,170 v. 2,164).

Comparing June 2009 with the same month in 2008, pending sales were up 8.4%, while closed sales decreased 5.4%. New listings also dropped 18.3%.

New listings fell 8.2% (3,907 v. 4,257). Inventory was down to 7.3 months, dropping for the sixth consecutive month, down from 10 months last July.

The average sale price for June 2009 was down 15.2% compared to July 2008, while the median sale price also dropped 13.3%."

Year-to-Date:

Comparing January-July 2009 with the same period in 2008, closed sales is down 18.7% and pending sales decreased 10%. New listings dropped 23.4%.

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