Sales of residential real estate in Central Oregon, the Willamette Valley and the Portland metro area slowed or declined in 2006.
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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