Portland, OR – Real Estate Inventory in Months

			2007	2008	2009
	January		6.2	12.8	19.2
	February		5.2	10.4	16.6
	March		3.8	9.1
	April		4.4	10.3
	May		4.5	9.2
	June		5.0	9.5
	July		5.7	10.0
	August		6.2	9.9
	September		8.6	10.4
	October		8.4	11.1
	November		8.3	15.0
	December		8.5	14.1
	The Portland metro area market improved in February compared to a record low January, but remains slow compared with February 2008.  Comparing February 2009 with the same month in 2008, closed sales dropped 38.1%.  Pending sales also fell 30.5%.  New listings decreased 19.7%.
	On the other hand, when comparing February 2009 with January 2009, closed sales grew 17.1% (857 v. 732) and pending sales were up 3.3% (1,276 v. 1,235).  New listings, on the other hand, dropped 17.3% (3,471 v. 4,196).
	At the month’s rate of sales, the 14,188 active residential listings would last approximately 16.6 months, down from a record 19.2 months in January.
	Month-to-month, the average sale price and median sale price are both up when compared with January levels; the average sale price increased a slight 0.4% (298,500 v. $297,200) and the median sale price was up 3.6% ($259,000 v. $250,000).