Are Corvallis Home Sales A Light At Tunnel's End?
Portland, OR June 12, 2008 8:25 a.m.
Realtors are seeing a glass half-full in housing sales data, out this week.
The Corvallis-area saw the most home sales in May since last August. But the average selling price was more than $40,000 lower than a year ago.
Real estate observers say Oregon’s home sales are warming up with the better weather, though it may favor less expensive houses.
Lee Dunn is president of the Oregon Realtors’ Association.
Lee Dunn: “There definitely is more activity than we’ve seen in several months. In some areas, we’ve seen a dramatic improvement in a reduction of inventory, and we’re seeing a few multiple offers in spot markets around the Portland area.”
Dunn says he’s not sure how much the recent increase is related to the approach of the typically busy summer.
Overall, the national Case Schiller economic index has shown declines in Portland-area home prices, but not nearly as bad as in many American cities.
However, one major Oregon builder -- Legend Homes -- had to file for bankruptcy, this week, as a result of the housing slump.
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