Home prices continue to soar
Home prices continued increasing in the Portland area in February.
According to the most recent report by the Regional Multiple Listing Service, the average home price increased 7.1 percent from $333,700 in February 2015 to $357,500 by the end of last month.
The median home price increased 7.8 percent from $287,500 last February to $310,000 by the end of February 2016.
Both prices are higher than the pre-Great Recession peaks in August 2008.
The new prices varied within the region that includes Multnomah, Clackamas, Washington, Clark and Columbia counties, however.
The highest median home price was $485,000 in the Lake Oswego/West Linn area, followed by $425.000 in the North Washington County/Sauvie Island area,$400,000 in West Portland, and $379,000 in the Camas/Washougal area of Clark County.
The lowest median home price was $219,200 in Central Vancouver, followed by $219,900 in Columbia County, and $220,000 in the 5 Corners/Orchards area of Clark County.
Prices near the mid-range varied from $350,000 in the Tigard/Tualatin/Sherwood/Wilsonville area to $336,000 in the Milwaukie/Gladstone/Boring/Clackamas/Estacada area and $333,000 in Northeast Portland.
According to the RMLS report, the time it would take to the sell the inventory in the Portland metro area remained stable in February at 1.8 months. Total market time rose by three days to 60 days. There were a total of 3,226 active residential listings at the end of February.