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Regional home sales stumble

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Tuesday, May 01, 2007

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Sales of residential real estate in Central Oregon, the Willamette Valley and the Portland metro area slowed or declined in 2006, following a national trend that afflicted other regions more adversely. In Portland, new listings were up 14.0% over 2005 but closed sales were down 13.4%, creating a market friendlier to buyers. February 2007 saw a 5.2-month inventory of available homes compared to 2.7 and 3.0 months in February 2006 and 2005. In the Willamette Valley, residential sales volume increased just 4.9% in 2006 versus a 35.1% jump in 2005; and in Central Oregon, sales dropped 1.4% versus a 52.6% increase in 2005. Median home prices, on the other hand, resisted the national trend of appreciation below 2% in 2006 — home values in Portland, the Willamette Valley and Central Oregon gained 13.9%, 16.0% and 28.2%, respectively.


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