Portland, Oregon home sales increased by 9.8 percent last month in comparison to the same month last year. Pending sales rose by 34.1 percent. The increase is seen as largely a result of the $8,000 tax credit for qualifying first-time home buyers, an offer that expires on Nov. 30th.

The market inventory has also become healthier with enough homes on the market to meet demand for 7.6 months, down from 19.2 months in January.

While sales increased, home prices declined by 8 percent in September compared to the same month last year, according to the Regional Multiple Listing Service.

The median sale price for the year fell by 9.5 percent to $241,400 in September, in large part because recent activity has been at the lower end of the market.

Source: Portland Business Journal