Despite many real estate markets entering a seasonal slowdown in the fourth quarter, Portland-area home sales were up significantly in October.
According to DataQuick, a total of 2,898 new and resale homes and condos were sold in the Portland-Vancouver-Beaverton metro area, a 9.4 percent increase from the previous month. On a year-over-year basis, sales were up 35.5 percent. In the past eight years, sales have declined an average of 1.4 percent between September and October.
Meanwhile, the median price paid for new and resale homes and condos was $229,900, a 1.1 percent bump from September, and 9.5 percent increase when compared to October 2011. This marked the eighth consecutive month of year-over-year jumps.
Many of the country's real estate markets have been able to avoid the winter downturn as a result of record low mortgage rates. According to Freddie Mac's latest Primary Mortgage Market Survey, fixed-rate mortgage averages were slightly higher than all time lows in the week ending December 6.