Portland home prices edged down in November

Portland area home sales for the first 11 months of the year were running 4.1 percent behind the same period in 2008, according to figures released Tuesday by the Regional Multiple Listing Service.

The median price for a Portland home fell to $239,000 in November, down 9.8 percent from a year ago.

The Realtor group said 1,795 sales closed in November, 72.4 percent more than the same month in 2008. The flurry was sparked by a federal first-time home buyer tax credit, which was to expire at the start of December but has since been modified and extended.

Compared to October, however, closed sales decreased nearly 11 percent.

The inventory of homes fell to 7.1 months from 15 months a year ago, but a slight increase from the 6.5-month level of October. The inventory figure reflects how long it would take to sell homes at the current pace.

 

source: Regional Multiple Listing Service

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