According to the Oregonian, “The Portland-area median home price reached $274,700 in July–nearly 15 percent higher than the same month a year ago, but 2 percent lower than June’s median. That month-to-month downtick–which hasn’t occurred in the strong summer selling season since 2002–along with rising inventories locally and nationally, has economists saying the Portland area’s housing market has seen its hottest days.”
These next couple of months should prove interesting. As more Sellers realize “their” market is over, there might be a bit of a flood of listings. Surprisingly, 40% of sales in 2005 were investor or second home purchases. This gives a reason to sell before the spectre of any reversal of prices can appear.