January
JANUARY 2006 MARKET NEWS

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January Residential Highlights

Market activity in the Portland Metro area seems to have slowed down for the month of January 2006. When compared with the month of January 2005 there were only 1.1% more new listings. In the meantime, the number of pending sales and closed sales both decreased 3.2% and 4.5%, respectively. At the end of January 2006, there were 5,629 active residential listings in the Portland Metro area. Given the month’s rate of sales they would last 3.2 months.

New Construction in 2005

The sale of properties listed as proposed, under construction, or new construction continues to rise. The number of homes listed as such that sold in 2005 (5,370) was 13% greater than those that sold in 2004 (4,754). The average sale price appreciated 16.8% ($315,900 v. $271,900) while median sale price increased 18.9% ($259,100 v. $217,900).

Affordability

According to the formula used by NAR, the average Portland family household had 113% of the income needed to purchase the median price home ($252,900) in the greater metro area. A family making the median annual income ($67,900) would pay $1248.35 a month for this home with a 20% down payment and a 30-year 6.27% (per Freddie

Mac) fixed-rate mortgage.

The Porltand Real Estate Market. January 2006

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