LOCAL
-The average supply of unsold inventory in the Portland Metro area is down to seven months, with numbers as low as four and five months in North, Northeast, and Southeast Portland and Aloha. Nationally, the average is holding steady at 9.4 months of supply. This is the sixth straight month that inventory numbers have gone down.
-14.4% of the Portland Metro area’s unsold inventory sold in the thirty days according to a recent Market Action report.
NATIONAL
-Nationally, existing home sales rose 7% in July to the highest level in two years, marking the fourth straight monthly increase.
-New-home sales rose nearly 10% in July, according to a government report that bolstered signs of an improving housing market. Sales of new homes climbed to a seasonally adjusted annual rate of 433,000, the highest pace since last September. The sales rate has risen 31.6% from this year’s lowest rate, which was set in January.
-Home prices recently posted their first quarterly increase in three years, adding to evidence that the housing slump is easing.
-Closed sales in July 2009 eclipsed last July’s total by 8.6%, marking the first time same-month closed sales have increased in more than two years. Pending sales, those under contract but not yet sold, also grew 8.3%.
BUILDER AND CONSUMER CONFIDENCE
-The National Association of Home Builders (NAHB) Housing Market index rose to the highest level since June 2008, indicating an improvement in home builder confidence. The improvement in home builder confidence was reflected in a fifth consecutive month of increased single-family housing starts in July.
-Consumer sentiment rose more than expected in August and expectations hit the highest level since the recession began, indicating that Americans’ pessimism about the economy may be lifting.
AFFORDABILITY
-Bolstered by affordable interest rates and low prices, nationwide housing affordability during the second quarter of 2009 continues to hover near its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
OTHER GOOD SIGNS
-The IHS Global Insight economic outlook index predicts GDP growth starting in September, the first increase since July 2008. The decline in real GDP, at a six-month annualized rate, slowed from -5.9% in March to -0.9% in August. It’s expected to turn positive in September and increase progressively through the beginning of next year.
-Orders for durable goods rose in July by the largest amount in two years, as the manufacturing sector rebounded from the depths of the recession.
-53% of employers in a new poll say they plan to hire full-time employees in the next 12 months, according to research released this week that could spell relief for unemployed U.S. workers.
So there you have it, folks. Good signs are all around and we are finally coming out of this slump. Why not celebrate by coming down to the Pearl District for the last weekend of the 2009 NW Natural Street of Dreams? Bring a few friends, grab a cold beer, try one of the delicious restaurants downtown, and check out the gorgeous condo penthouses on display.