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Decreased supply is pushing home prices higher than ever before in the metro area.

PMG FILE PHOTO - Portland homes are more expensive than ever.With decreased supply and ongoing demand, the year-to-date average home sale price in Portland went above $600,000 for the first time ever in April, according to the latest report from the Regional Multiple Listing Service.

In April, the report said new listings had decreased 9.4% from the year before. In April 2021, there were 4,065 homes listed and in April 2022, there were 3,684. However, the number of homes available had increased 4.6% from the 3,521 homes listed in March 2022.

Overall, comparing the first four months of 2022 to the same period in 2021, new listings decreased 4% and pending sales decreased 6.1%.

The average total market time for homes in Portland decreased to 21 days in April.

In April, the average sale price was $632,900. In March it was $610,900, making the current year-to-date average home sale price in Portland $605,600. This average year-to-date sale price is an 11.3% increase from the same time period in 2021.

In April, the most active listings were found in the West Portland area, followed by Southeast Portland.

The part of the metro area with the lowest median home sale price was the area that includes Gresham, Troutdale, Sandy, Corbett and Fairview. There, the average sale price in April was $483,100.

In Washington's Clark County, Central Vancouver had the lowest median home sale price at $397,500.

KOIN 6 News is a news partner of Pamplin Media Group.


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