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

Greater Portland Metro Area - Average Home Sale Prices

Greater Salem Metro Area - Average Home Sale Prices

Click here to view the latest complete report on home sales for specific Portland area towns and neighborhoods.

Click here to view the latest complete report on home sales for specific Salem area towns and neighborhoods.

Also view the latest Oregon Real Estate Update here, with news and commentary on Oregon real estate!

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For more information, contact Certified Realty at 503-682-1083 or visit CertifiedRealty.com

Portland, Oregon Average Home Price Graph

While the epicenters of these two real estate markets are located only about 30 miles apart, the trajectory of real estate prices in each is quite different.

Salem, Oregon Average Home Price Graph

And while it’s helpful to view the direction of these two graphs, particularly telling are sales figures on the left side of both.  For while the average Portland area property is selling for around $275,000, the average Salem area home is selling for close to $180,000.

Find out here FREE in the latest edition of the Oregon Real Estate Update!

Also in this issue, find out where home prices are heading for your Oregon town or neighborhood.

The increase was minimal at 0.1 percent.   Yet it illustrates that between March and April of this year, home prices increased.  Over the past year, greater Portland area home prices dropped -9.2%.

The Case-Shiller Home Price Index provides home price information on the top twenty housing markets nationwide, including Portland, Oregon.

View the complete latest Case-Shiller Home Price Index report here.

Latest Home Price Index - Click Graph to Enlarge Image

Oregon
Home prices in Oregon are now 7.6% lower than one year ago.  Click here to view the latest complete report on home prices for Oregon and the nation.