Portland-area’s May home sales fell to that month’s lowest level in 15 years as the pool of discounted foreclosures dried up, but the median sales prices are not shrinking at the rate of most other western markets. According to a report from MDA DataQuick, a San Diego-based firm that watches real estate data across the nation, foreclosure resales in the Portland-Vancouver-Beaverton metro area jumped to 17.2% of all resales. In most western markets, foreclosed homes make up half of all resales. For May, 2,465 new and resale homes changed hands, an increase of 4.6% from April, but a 22.2% drop from a year ago. It was the lowest performing May since 1994. For 39 consecutive months, sales have dropped on a year-to-year basis, where the total is compared to the same month from last year. However, the regional median sales price held steady, slipping only 0.4% from April to $240,000. The average price did drop 12.7% from a year earlier and 16.9% from its $288,858 peak in August 2007. By comparison, the median price has dropped from a year ago in Phoenix by 38.4% and by 43.7% in Las Vegas. In another sign that first-time buyers are migrating to the area in place of bargain-hunters, government-insured FHA loans were used in 35.8% of transactions. Write to Jon Prior.
Jon Prior was a reporter with HousingWire through late 2012.see full bio
Most Popular Articles
Latest Articles
Freddie Mac’s Donna Spencer on their Servicing Excellence initiative
On today’s sponsored episode, Editor in Chief Sarah Wheeler talks with Donna Spencer, vice president of servicer relationship and performance management at Freddie Mac, to discuss their new Servicing Excellence initiative and the benefits for their partners. Related to this episode: Related to this episode: Servicing Excellence https://sf.freddiemac.com/articles/insights/servicing-excellence Forging a New Path: The Future of […]
-
Lower mortgage rates attracting more homebuyers
-
Rocket Pro TPO raises conforming loan limit to $802,650 ahead of FHFA’s decision
-
Show up, don’t show off: Laura O’Connor is redefining success in real estate
-
Between the lines: Understanding the nuances of the NAR settlement
-
Down payment amounts are exploding in these metros
Jon Prior was a reporter with HousingWire through late 2012.see full bio