[Urbanpdx]

Residential real estate market slows
Portland Business Journal - 12:51 PM PST Friday
Home buyers had more to choose from in Portland last month, but they still had to pay higher prices than they would have the year prior.

According to November statistics released today by the Regional Multiple Listing Service , there were 8.5 percent more new listings in November and 17.5 percent fewer sales closed. Together, that created an inventory of listed homes sufficient to answer demand for about five months, far higher than the halcyon days of 2005 when the inventories dropped below two months.

It also took longer to sell a home in November -- 51 days this year versus 38 in the same period a year ago.

But home sellers were rewarded for their patience -- the average home sold for $320,200, a 14.4 percent increased over the same period in 2005. The median sales price rose to $278,000, from $252,500.

Oregon City/Canby and Lake Oswego/West Linn tied for the slowest-moving markets, with homes taking an average of 64 days to sell.

Milwaukie/Clackamas boasted the greatest home appreciation -- 20.5 percent.