Monday, June 16, 2008

Price Declines Hold Steady for May - RMLS

The May RMLS data was released last week (yeah, I know I'm late to the party, it's been a busy week and I certainly wan't spending Father's day weekend inside on the PC instead of playing with my daughter!)

The median price in May 2008 was 287,500, down 3.2% from last year, but up 5% from April's median price of $275,000.

I'll post more once I get more info from my source. I could use a second source if anyone has access to RMLS data that they'd like to share.

1 comment:

Anonymous said...

Your Jun 16 comments are right on.
The May 08 Market Action Report on the average sale price is a usefull number as well:


Shows a 3.35% average price decline in 12 mos

Your sales info comes from an RMLS publication called the MARKET ACTION REPORT; its published monthly by RMLS. Brokers, realtors, & other real estate professionals get the report by subscribing for an annual fee.

Unfortunately, the report is not available online, unless you subscribe.

get the report free by asking any realtor or broker in the portland area.

The RMLS publishes its MARKET ACTION REPORT sales data & stats monthly.

also see:

1)in the Oregonian, Ryan Frank's "Front Porch" column, see it in the business section for real estate info--

sunday Jun8 pg b2 "Portland, Bend make over valued list"
Portland ranks 7th out of eight markets globalinsignt predicts are in for further price declines.

sunday Jun16 pg b1
"Portland prices stabilize..."

2) for asking price activity, ie, the number of listings for sale or sold (does not inlcude sales price data)

3) Global Insight is the worlds leading company for economic & financial analysis & forcasting.
Their 2008 report HOUSE PRICES IN AMERICA reports house prices FELL in the usa for the 3rd straight year, dropping @ -6.7% annualized rate. According to the report (oage B1 of 8), PORTLAND metro REAL ESTATE PRICES are OVERVALUED by a whopping 36.2% !! and are due for a price fall. Its a forecast based on their extensive research, so go see for yourself...
the report is available at
also see the press release, a briefing on the 2008 report

Comment: I think they think the Portland metro real estate market is going to go down because they don't live here & dont realize how many people want to visit or move here! Our real estate prices have fallen only slightly because this area is one of the most desirable places in the usa to live! Mild climante in winter & summer; green trees and green lifestyles,mountains, beaches, good state-wide urban, rural, & growth planning, no sales tax, no tornadoes or hurricanes destroying communities & lives, no Calif. type wildfires in urban areas, no disaster flooding, clean & sufficient drinking water for now, etc

4) I hope this wasn't an April fool's joke;
no offense to the author intended--

publ Oregonian 4/1/08
"The good news about our housing market" by Brad Wurfel, in my opinion.