September 17th, 2008 By Agent503

Home Prices Drop by 7.3%, Biggest Year-Over-Year Decline Since 1996

The Regional Multiple Listing Service released the Market Action Report this week. The median sale price for August 2008 was $280,000 this is a 7.3% decrease from the median sale price for August 2007 and marks the biggest year-over-year decline since at least 1996. Months of supply (total inventory/monthly sales) sits at 9.9 months compared to the 6.2 months of supply for the same month last year. Sellers are becoming increasingly motivated, however their motivation is often expressed in subtle terms. Not always can are the magic words "Motivated Seller" visible to buyers. Find out here how seller motivation is communicated and where in Portland motivated sellers are located.

Neighborhoods:

Pearl District, Goose Hollow, Downtown, Northwest District, Northwest Heights, Linnton, Forest Park, Hillside, Northwest Industrial, Sylvan-Highlands, Arlington Heights, Old Town-Chinatown, Sellwood-Moreland, Alameda, Arbor Lodge, Argay, Arnold Creek, Ashcreek, Beaumont-Wilshire, Boise, Bridlemile, Brooklyn, Buckman, Centennial, Collins View, Concordia, Creston-Kenilworth, Crestwood, Cully, East Columbia, Eastmoreland, Eliot, Far Southwest, Foster-Powell, Grant Park, Hayhurst, Healy Heights, Hillsdale, Hollywood, Homestead, Hosford-Abernethy, Humboldt, Irvington, Kenton, King, Lents, Lloyd District, Madison South, Maplewood, Markham, Marshall Park, Mill Park, Mt Scott-Arleta, Mt Tabor, Multnomah, Overlook, Parkrose Heights, Parkrose, Piedmont, Pleasant Valley, Powellhurst-Gilbert, Reed, Richmond, Rose City Park, Roseway, Russell, Sabin, South Burlingame, South Portland, South Tabor, Southwest Hills, St Johns, Sullivan's Gulch, Sumner, Sunderland, Sunnyside, University Park, Vernon, West Portland Park, Wilkes, Woodland Park, Woodlawn, Woodstock, Ardenwald-Johnson Creek, Brentwood-Darlington, Cathedral Park, Bridgeton, Hayden Island, Portsmouth, Kerns, Laurelhurst, North Tabor, Montavilla, Hazelwood, Glenfair

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