The supply of homes for sale in Clark County shrunk in March as prices inched down, reflecting a rise in home sales, according to a monthly report.
Last month’s countywide inventory dropped to an 8.3-month supply, down from 12.1 months in February, said the Portland-based Regional Multiple Listings Service. The number means it would take roughly 8.3 months to sell all of the homes listed for sale if no new listings were added. It has dropped from a peak of 18.6 months two years ago.
Lower prices appeared to contribute to the shrinking supply, according to RMLS, which recorded 390 closed home sales in March, up 29.7 percent from 274 closed sales in February. In March, the median selling price was $186,400 for new and pre-owned houses. It was down 1.9 percent from the median price of $190,000 in February and down 12.7 percent from a median price of $210,000 in March 2010.
Editor’s note: This news brief has been changed to reflect corrections. The RMLS reported 390 closed home sales in March, a 29.7 percent increase over February’s 274 closed home sales. Year-over-year sales, however, declined 13.9 percent from March 2010 when the RMLS reported 453 closed home sales. Home prices inched down month-to-month, with the median dropping 1.9 percent from February to March. Median home prices declined 12.7 percent year over year.
