Meanwhile closed sales improved by 9 percent in the Portland metropolitan area, defined by RMLS as the Oregon counties of Multnomah, Washington, Clackamas, Columbia and Yamhill. The area experienced 1,376 closed sales in February, up from 1,262 in the same month last year.
The median home sale price in the Portland metro area was $242,000 in February, a 14.7 percent increase from the same month last year. In February, the area’s supply of houses for sale dipped to 4.5 months’ worth of inventory, which means it would take 4.5 months to sell the supply off if no new listings were added. The Portland metro area’s inventory in February declined from a 6.5-month supply in the same month last year.