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June 2018 Newsletter

June 2018 Real Estate Update – Portland Metropolitan Area (Per Regional Multiple Listing Service Market Action, June 2018 reporting period.)

Both year-to-date and in the month of June 2018 there has been a bit of mixed results. New listings are up year-to-date about 2.7% compared to the first six months of a year ago. However, pending sales are down 1.7% and closed sales are down 2.2% for the same period. It appears that a sellers realize there has been a slight softening in the marketplace, they feel a slight sense of urgency to get their home sold, if they have been planning to.

Comparing 2018 to 2017 through June of each year, the average sale price rose 6.2% from $427,000 to $453,400. The median sale price rose 6.7% from $375,000 to $400,000. The phenomenon we have been seeing in 2018 is that the average and median sale price has been rising much faster in the more affordable areas of Portland, and much less in the more expensive areas.

This is great news for buyers – and in fact, in many neighborhoods, the market is turning into more of a buyer’s market than a seller’s, as has been the case for the past four years.

Mortgage Rates (Per Bankrate, online source)

The average rate you’ll pay for a 30-year fixed mortgage is about 4.36 percent, down 3 basis points over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.44 percent. At the current average rate, you’ll pay principal and interest of $498.40 for every $100,000 you borrow. That’s $1.77 lower, compared with last week.

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