Portland Home Sales Up, Snowstorm Caused Decrease in Pending Sales

There was an increase in both home sales and the pricing of homes in the Portland area in February. The amount of homes sold is up 6.6% from last year, and up 5.1% from January. However, pending home sales dropped 13.2% from one year ago. A heavy winter snowstorm that hit the region is most likely to blame, as 8 inches of snow was accumulated in a 4-day period, keeping perspective buyers inside and off their house-hunting game.

The drop may also be due in part to the low supply of homes available for sale in this increasingly demanding market. This demand has also raised prices dramatically. The median sale price in February was $279,000, a 15.3 percent increase from this time last year.

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