Report: Portland has severe shortage of homes for sale

The supply of homes for sale in Portland has declined 31.6 percent since last April, the largest drop of any major city in the country, according to a new report.

And the resulting shortage has helped push Portland home prices up 15.1 percent to $325,400 over the past year, the second-highest increase reported by the April Zillow Real Estate Market Report. Only Denver was higher with a 15.2 increase.

The report also says the biggest decline in the Portland supply occurred in the most affordable homes. The number of homes in the lower third of the price range fell 39.8 percent since last April, compared to 39 percent for those in the middle third and 21.6 percent for those in the top third.

Although the situation in Portland is extreme, it is not

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