Reduced inventory is driving up prices and limiting sales.
A year ago, as prices continued their decline, there was a 6.8-month supply across the metro area. In January of last year – a seasonally slow sales month – the supply was 11.3 months.
But by May of this year, the supply of listed homes across the metro area would sell in 4.8 months. Six months is generally considered a balanced market, with anything less reflecting a market where demand outpaces supply.
Read more at Oregonlive.com