The Portland-area housing market cooled off in July, though would-be buyers likely won't feel much relief.
More homes went on the market while the number of sales slowed, a report from the Regional Multiple Listing Service showed. Even so, the supply of homes for sale remained slim overall, and prices moved higher. The median home price rose to $391,000, up 11.4 percent from a year earlier.
The 2,776 homes sold in July represent a drop of nearly 20 percent from a year earlier, in part reflecting the slim supply of homes for sale.
Pending sales were also down 5.5 percent from July 2015, suggesting the sales slump will continue into at least late summer.
But homes listed on the market sold in an average of 30 days in July, two weeks faster than a year earlier.
If sales continued at the same clip, every home on the market would sell in 1.9 months, well short of the 6-month supply that indicates a market balanced between willing buyers and sellers. Current conditions indicate a strong seller's market, which is driving prices higher.
Sales activity jumped in the North of 26 area of Washington County and the Tigard-Wilsonville area. But supply-constrained areas in North Portland, Hillsboro-Forest Grove, Gresham-Troutdale and Lake Oswego-West Linn all saw above-average price increases.