The Portland-area real estate market revved up in April as the median home price topped $400,000 for the first time.
Closed home sales surged compared with a year earlier, according to new numbers from the Regional Multiple Listings Service. More homes came on the market, giving would-be homebuyers a few more options.
MAP: Portland home sales by ZIP code
The 2,500 homes sold last month represent a 13.7 percent increase in sales compared with a year earlier. Contracts for sales that will close in the coming months dipped 2.6 percent, however, suggesting the surge might not last.
The median home price for a home sold in April was $405,000, a record for the metro area.
But prices are now climbing at a slower rate. April’s median home price was up just 5.2 percent year-over-year. That’s about half the rate of increase seen last April.
The real-estate market remains competitive. If sales continued at the same pace, it would take just 1.7 months to sell all the homes on the market at the end of April. Economists consider a five- or six-month supply to indicate a more balanced market, while anything below suggests a strong seller’s market.
— Elliot Njus