Portland Pics and Oregon Real Estate

Portland, Oregon continued to suffer from a poorly performing real estate market during the month of August, with only insignificant increases in the median sales price and a slight decline in new and resale house and condominium sales. However, the slight declines and sluggish activity that took place in the last month or two didn’t concern real estate experts too much because historical data trends have shown Portland real estate markets to decline during the fourth quarter to be normal. Some experts have optimistic views of the real estate in Portland though, because some people believe that the Portland real estate is stabilizing and that the inventory of foreclosed or distressed properties in the region is on the decline, suggesting that the coming months may show increases in median sales and help bring the Portland real estate to higher levels.

According to DQNews.com, Portland real estate suffered from about an 11 percent drop in new and resale house and condominium sales between the months of July and August of 2009. The median sales price also showed an insignificant increase during the same time period by only 0.4 percent. Approximately 2,633 new and resale homes were sold in August, and the current median sales price in Portland is about $240,000. Home sales are currently 2.2 percent lower from the previous year, and median sales prices are down 11.1 percent from a year earlier. Realtors have reported that the number of foreclosed or distressed properties making up the total number of homes sold has decreased over the past few months, suggesting that the future months may bring improvements in the Portland real estate market.

According to Oregon Live, the median sales price in Portland was $242,000 by the end of 2009, which was actually a slight decrease from that of the previous month. Median sales prices also declined 3 percent from the beginning of 2009. Home sales also remain fairly sluggish, with only a 0.9 percent decrease from that of the previous month. Many realtors believe that 2010 will bring improvements with homebuyer incentives such as the federal tax credit, more affordable housing, and a better flow of credit.