Home sales soar

Home sales soar

Home sales in the Portland area rose in August, the strongest month by volume the local market has seen in five years.

Monthly figures from the Regional Multiple Listing Service showed 2,311 homes sold during in August, 28 percent more than in the same month a year earlier. Another 2,387 homes went under a sales contract, which bodes well for the coming months when those sales are finalized.

Home prices rose through the spring and summer, lifted by the small supply of homes available. That inventory ticked upward in July, but fell back to a low 3.9-month supply in August. Six months is considered a balanced market, with anything below indicating demand outpaces supply.

Read more at OregonLive.com.

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