Portland Real Estate Continues to Swing Low

October 25, 2010 / Elizabeth Buckley, Commercial Property Analyst

The Portland real estate continues to delay the nation, according to the National Association of Realtors. The report stated that Portland real estate was off by 19.1 per cent in the month of September compared to its figures a year ago—its homes sales were off by 23.7 per cent.

Portland Real Estate Continues to Swing Low

A year ago, an average price for a Portland home is $240,300, but now it’s down to $237,500— a 1.2 percent difference.

Regionally, Portland real estate in the West improved by 5 per cent but the figures are still 16.7 per cent below compared to last year.

Lawrence Yun, the National Association of Realtors’ head economist said that housing resurgence is now on its way but will be irregular at times; it depends on the length and effect of a foreclosure suspension.

Yun also said that in general, the development ought to be a steady and rising trend when it comes to home sales, especially now when buyers are responding to the record-low-mortgage and interest rates, as well as the positive affordability situations.

NAR does not follow monthly sales for the local markets. Quarterly statistics are compiled by California-based Clear Capital—a real estate data company and it said that the market for Portland real estate is stressed more than most.

Clear Capitol ranked the Portland real estate No. 6 on a list of lowly-performing key markets regarding home price changes. The firm based the ranking on home price’s quarter-over-quarter figures and it is down to 2.8 per cent in the Portland real estate urban area.

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