Real Estate Market Report
August by the Numbers
- Portland Area Months of Inventory: 1.3
- Portland Area Avg. Sales Price: $481,000
- YTD Average Sales Price increased: 4.8%
- Portland Area Closings decreased: 7.1%
- Portland Area New listings decreased: 8.3%
- Average market time: 41 days
Home prices suddenly see biggest gains in 2 years
Exceptionally strong demand, historically low supply and record low mortgage rates are combining to fuel the fastest home price growth since 2018.
Nationally, home prices in July were 5.5% higher than in 2019. That is a marked increase from the 4.3% annual gain seen in June, according to CoreLogic.
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Source: cnbc.com
Rental Market Report
Rental News
Portland may require landlords to pay tenant relocation fees for any rent increase, extend eviction moratorium to end of 2020
The Portland City Council will consider requiring landlords to pay tenants relocation money if they raise the rent by any amount. Current rules require them to pay fees if they increase rent at least 10%. Mayor Ted Wheeler announced the proposal Tuesday as part of new plans designed to help keep people in their homes amid the coronavirus pandemic. He also said the Portland Housing Bureau would reallocate $500,000 toward housing aid for East Portland residents who pay more than half their monthly income on rent. And he said the city will consider instituting an eviction moratorium that would go through the end of the year, if Gov. Kate Brown doesn’t extend the statewide moratorium past its Sept. 30 expiration date.
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Source: oregonlive.com
Thinking of Buying or Selling in 2020? Let us help!
September Homework
Trim Shrubbery Away From The House
As we head into Fall and Winter, it is a great time to check around the exterior of your home and make sure it is ready for Winter. Make sure to trim back trees and shrubs that have encroached on the house. The general rule is to keep all vegetation at least 12 inches from the house so that nothing is touching the exterior. This helps to minimize the chances for dry rot, mold and mildew, damage to the paint, and problems with pests. At the same time, check around the exterior for peeling paint and cracks in the caulking. It is a great idea to get these things repaired which will help extend the life of your home and improve the value of your investment.
Getting Involved with our Community
The mission of DONATION HOUSE is to create revenue and support for non-profit organizations that serve our communities and make a positive impact on people around the world. When a non-profit organization refers real estate business to a DONATION HOUSE business partner, they agree to return 10% of the proceeds back to the non-profit organization.
Recent contributions have been made to the following:
