Average dwelling now costs $412,000 as the housing shortage continues region-wide
The average sales price of a home in the Portland region hit a new record high of $412,000 in June, up 2.4 percent from the previous month and 11.5 percent from a year ago.
The jump happened despite an increase in homes for sale in June. The 4,501 new listings were an increase of 8.6 percent over May and the strongest June for new listings since 2008, according to the monthly Market Action report by the Regional Multiple Listing Service released last week.
The price increase reflects the fact that, although more homes came on the market in June, there is still a shortage of homes for sale in the Portland region, compared to historic inventories.
Lennox Scott, chairman and