Home sales boom and prices lower in Portland

Pending and closed sales soared in the month of September, with 1,861 homes going under contract, which is a 17.5 percent jump from pending sales reported one year ago.  Pending sales in 2011 are running 3.8 percent ahead of 2010, with 16,275 contracts signed.

There were enough homes for sale to satisfy demand for 6.7 months, a slight increase from August.  The market is considered balanced at six months, and a higher level favors buyers.

Read more from Wendy Culverwell at the Portland Business Journal here.

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