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More than 2,300 Portland area homes were sold in August, the most sales in a single month since August 2007, when 2,554 homes sold, according to new data from the Regional Multiple Listing Service. August is a strong month for home sales because of school vacations and mild weather.


The 2,311 Portland area homes sold in August was 28 percent higher than the 1,805 homes sold in August 2011. The average sale price climbed 3.6 percent to $281,700.


Pending sales climbed 9.1 percent to 2,387, which suggests strong sales trends will continue.


There is now a 3.9-month inventory of homes on the market. That means if no additional homes were put up for sale it would take 3.9 months for every house to be sold. A six-month inventory is considered healthy.


Time on the market has dropped 27.6 percent, when compared with August last year, to 97 days.


Matthew Kish Portland Business Journal September 13, 2012