Lack of homes for sale weighs on Portland-area real estate market

A short supply of homes for sale is stifling activity in the Portland-area real estate market.

Despite a competitive environment where certain homes are still attracting several offers, sales for the year through August have dropped 2.7 percent compared with 2016, according to new numbers from the Regional Multiple Listing Service.

The number of sales contracts in August, for deals that would close later in the year, were down 7.6 percent, leaving little room for a rebound.

But even as sales wane, prices continue to rise. The median price for a home sold last month August was $385,000, up 9.1 percent from a year earlier. For the rest of the article CLICK HERE!