Median and Average Prices Drop in April

According to the RMLS data released late last week, both the average and median prices in the Portland metro area dropped last month.

The median price dropped 3.5% from $280k in April 2007 to $275k in April 2008, while the average price dropped 3.9% from $338.2k to $325k.

The chart above shows the forecasted appreciation if prices hold steady. We'll see -8.3% appreciation in July if the median price holds steady at $275k.

Inventory continues to grow as more sellers put their homes on the market. Sales pace has increased as it typically does in the spring, but is still well down from last year. This chart clearly shows the decrease in sales, and the corresponding increase in inventory.

The affordability index moved closer to neutral in April, likely due to the decrease in median price.
The spread of list to sales price also increased in April, likely due to sellers feeling more confident as the spring selling season hits.

Thanks again to Chris at Johnson Gardner for the charts and analysis. He's been swamped (as have I) and apologizes for the lack of more detailed analysis. Maybe if we scream loud enough he'll find a few minutes this weekend to crank them out.

I should be back to posting more frequently as my arm is healing nicely and I can type again.