Portland Metro Home Sales Cooled Slightly in August, New Report Shows

After closed sales rose 8.1% in July — the fastest pace of the year — the Portland metro housing market eased back somewhat heading into late summer, according to new market data. Homes are still moving at a similar clip, averaging around 54 days from list to close, but agents report more concessions from sellers than they were seeing a few months ago.

Inventory has been building through the summer, though at roughly 3.3 months of supply, it's still not enough to call this a buyer's market outright. Price per square foot has eased slightly from its spring peak to around $311, compared to $316 in mid-June — but the rolling 12-month average sale price is still up about 2.4% year-over-year, among the strongest appreciation trends the market has seen all year.

For buyers in Beaverton, Gresham, Lake Oswego, West Linn, or the Clackamas area, the takeaway is a market that's stabilizing rather than moving sharply in either direction — well-priced homes are still finding buyers quickly, but the frenzied, above-asking bidding wars of a couple years ago have largely given way to more normal negotiating room.

If you've been waiting for a better window to buy, real estate agents in the area describe this stretch as a more balanced market than they've seen in years — worth a conversation with a local agent if you've been sitting on the sidelines.