August 2015 proved to be another strong month for Portland metro real estate, with some slightly cooler activity relative to prior months.
Year-over-year, residential sales are still proving to be strong, with pending sales up 23.8% from last August, and closed sales up 19.8%. New listings were also up 8.3% from this time last year.
Month-over-month is where we see some signs of a cooling market. Pending sales were 4.2% lower in August compared to July, with closed sales coming in 10.3% lower. New listings were 9.2% below July levels. Anecdotally, we're seeing just a smidgeon of evidence of this slight cooling in the field as we're working with buyers and sellers on both sides of the transactional field.
Total time on market for active listings before they went pending averaged just 41 days. Available inventory rose just a hair to 1.9 months - still a brutally paltry supply of homes by anyone's standards!
Here's a year-to-date graph showing monthly average sales prices in 2015.