Portland sees record home sales in July, with intense competitio - KPTV - FOX 12

Portland sees record home sales in July, with intense competition among buyers

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A record setting month of July for home sales in Portland capped another strong year for the city’s real estate market.

According to a recent report from the Regional Multiple Listing Service, 3,452 home sales closed in July, which is an all-time record for Portland. In addition, the Standard & Poor’s/Case-Shiller home price index, which was released Tuesday, showed Portland saw a year-over-year increase in housing prices of 7.8%, well above the national average of 4.5%.

What those numbers mean on the ground, according to Portland realtor Tim Cook, is fierce competition over available homes.

“We see bidding wars. We see multiple offers. We see offers with escalator clauses. $100,000 over asking price,” said Cook, who is Managing Principal Broker at Realty Trust Group, INC.

Cook said a shortage of supply has driven up prices, while demand for homes remains strong. Some clients have put in offers on as many as ten homes without closing a deal, said Cook.

“Emotionally, that gets really frustrating, and it takes a toll on them,” said Cook.

Cook said he counsels patience and perseverance to prospective buyers, advising them to put together the best offer they can.

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