Summary
The housing bubble that has burst in much of the country has yet to slam the Portland area. The region's median home sales hit $300,000 in July, up 9 percent from the same month a year before.
Story Published: Aug 19, 2007 at 12:58 PM PDT
Story Updated: Aug 19, 2007 at 12:58 PM PDT
PORTLAND, Ore. (AP) - The housing bubble that has burst in much of the country has yet to slam the Portland area.
The region's median home sales hit $300,000 in July, up 9 percent from the same month a year before.
The region's median sale price has exactly doubled since February 1998.
On the down side for sellers, the Regional Multiple Listing Service reports that the supply of unsold homes is growing.
In July, the region had enough home supply to last nearly six months, the highest figure since January.
With more sellers competing for fewer buyers, homeowners who must sell quickly could be forced to drop their prices.
The Regional Multiple Listing Service's information from July covered nearly 15,000 new and existing houses and condominiums in Clackamas, Columbia, Multnomah, Washington and Yamhill counties.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
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