Recently released Oregon home sales information shows prices are still dropping. The good news? Our decrease in home values is less than in years past. The bad news? We still don’t know if the end of our regional housing downturn is yet in sight.
We’ll get back to area home prices in a moment. But first, below is information on our regional housing inventory. Inventory is important because a large backlog of houses for sale generally drives prices down. In other words, homes sell for less if many sellers compete against each other. Conversely, fewer homes on the market helps prices to stay strong, or even increase.
Portland Regional Housing Inventory
Salem Regional Housing Inventory
The above numbers simply mean that at the current rate of home sales, it will now take the Portland metro area 5.3 months before running out of homes to sell, provided no new homes are placed on the market. Under these same guidelines, it would now take 10.8 months before the greater Salem area runs out of available homes to sell.
For detailed real estate information for your town or neighborhood, simply click on one of the above charts. There on page two you’ll find specific data, like the average selling price for homes in your area, along with the average market time it takes for nearby homes to sell, and the change in home prices over the past month and year. Virtually all areas report a drop in value compared with home prices one year ago.
Recent Average Home Price Graph-Portland Metro
Recent Average Home Price Graph-Salem Metro
