Portland area home sales shot up in March, driven in part by a federal tax credit worth up to $8,000 to first-time buyers and $6,500 to move-up buyers.
There were nearly 52 percent more sales in March than a year ago and a whopping 77.2 percent more sales than in February, according to Regional Multiple Listing Service figures released Friday.
Compared to a year ago, pending sales increased 46.7 percent and new listings increased 35.3 percent.
The inventory of unsold homes dropped to 7.8 months from 12.9 months in February and 12 months a year ago. The figure refers to the amount of time it takes to clear out the inventory of unsold homes at the current pace of sales. A six-month level is considered healthy.
The inventory of houses for sale in Clark County dropped substantially in March as home sales improved, according to Portland-based RMLS. A 7.7-month supply of homes was listed in March, which was down from an 11.6-month supply in February
Local real estate agents attribute the shrinking inventory to higher demand for houses, as first-time and move-up home buyers rush to take advantage of low mortgage interest rates and tax credits set to expire April 30.
According to RMLS, when comparing the week of April 5 – April 11 with the week prior, the number of times an RMLS subscriber opened a Supra lockbox increased 33% in Washington and 26.6% in Oregon. Activity is on the rise as we move into the Spring season.
This area includes the neighborhoods of Irvington, Alameda, Beaumont and…
Home prices in 20 U.S. cities including the Portland-Vancouver area, rose in November for the sixth consecutive month, signaling the industry that precipitated the worst recession since the 1930s is stabilizing. The S&P/Case-Shiller home-price index increased 0.2 percent from the prior month on a seasonally adjusted basis, the group said today.
Home prices in the Portland market increased a seasonally adjusted 0.9 percent from October to November and 0.3 percent in Seattle. The national gauge is down 5.3 percent from November 2008.
Portland home sales improved notably in December compared to a year ago. Closed sales rose 52.6 percent in December, compared with the same month in 2008, according to figures released Thursday by the Regional Multiple Listing Service. Pending sales climbed 40.9 percent and new listings rose 11.9 percent.
For the year, closed sales were comparable to 2008 and pending sales increased by 4 percent.
The year ended with a 7.7 month inventory of unsold homes, roughly half the 14.1 percent level posted in 2008. There were 1,506 closed sales in December, 16.1 percent fewer than November.
The year 2009 had 44,357 new listings, 19,921 pending sales, 18,955 closed sales and an average sales price of $289,900.
That compares with 2008’s 54,605 new listings, 19,150 pending sales, 19,132 closed sales and average sale price of $330,300.
Portland area home sales for the first 11 months of the year were running 4.1 percent behind the same period in 2008, according to figures released Tuesday by the Regional Multiple Listing Service.
The median price for a Portland home fell to $239,000 in November, down 9.8 percent from a year ago.
The Realtor group said 1,795 sales closed in November, 72.4 percent more than the same month in 2008. The flurry was sparked by a federal first-time home buyer tax credit, which was to expire at the start of December but has since been modified and extended.
Compared to October, however, closed sales decreased nearly 11 percent.
The inventory of homes fell to 7.1 months from 15 months a year ago, but a slight increase from the 6.5-month level of October. The inventory figure reflects how long it would take to sell homes at the current pace.
source: Regional Multiple Listing Service
Clark County home sales continued to rise in November compared to a year ago, but foreclosures and short sales pushed prices down by 13 percent, according to a report today. The overall median price was $199,950 for the 529 new and preowned homes sold last month, falling below $200,000 for the first time in nearly five years in Clark County. February 2005 was the last time the median price was below $200,000, at $198,129.
This is an excellent time to take advantage of the low price points and mortgage rates!
Mortgage application volume increased 8.5 percent last week, as more borrowers refinanced loans to lock in interest rates near record lows, the Mortgage Bankers Association reported today. Refinancing activity jumped 11.1 percent on an adjusted basis during the week ending Dec. 4, compared with the previous week. Purchase volume rose 4 percent. Customers looking to refinance existing mortgages accounted for 74.4 percent of total applications, up from 72.1 percent the previous week.
The first uptick in interest rates in six weeks might have also pushed borrowers to lock in rates now. The average rate for a traditional, 30-year fixed-rate mortgage increased to 4.88 percent last week from 4.79 percent the week before.The average interest rate on a 15-year fixed-rate mortgage increased slightly to 4.33 percent from 4.27
source: The Columbian
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Rates on 30-year mortgages stayed below 5 percent again this week. The average rate for a 30-year fixed mortgage fell to 4.83 percent, down from 4.91 percent. Last year at this time, 30-year mortgages averaged 6.04 percent. This week the average rate on a 15-year fixed-rate mortgage fell to 4.32 percent and rates on five-year, adjustable-rate mortgages averaged 4.25 percent. According to Freddie Mac, the best rates usually are available only to borrowers with solid credit and a 20 percent down payment.