Oregon Public Broadcasting

House prices continue to drop in Portland, according to a new report from Real Estate Multiple Listings Service. Kristian Foden-Vencil has more.

The average cost of a Portland home has dropped from almost $350,000 in June to $315,000. That’s a 10 percent drop in three months.

The average time that a home spends on the market has also increased to 129 days.

Real estate broker John Van Loo say no area is immune to the problem.

John Van Loo: “The numbers of sales are down. They’re down approximately 30 percent to year-to-date, but in other parts of the country it’s much much worse.”

Van Loo says that while it’s not a seller’s market anymore, it is a good time to be a buyer. Prices are low, he says, the selection is great and sellers are motivated.