A study from the Regional Multiple Listing Service finds that home values were up in March, but inventory has remained low.
The figure, which estimates how long it would take for all current homes on the market to sell at the current pace, fell to 1.3 months in March, down from 1.8 months in January and February. The inventory in December was 1.2 months, the lowest level since at least 1999. (Six months of inventory represents a balanced market, real estate observers say.)
The 2,565 closed sales the Portland region saw last month represented the most active March since 2007 and were 4.4 percent higher than March of last year, the report found.
Pending sales, on the other hand, slowed down compared to March 2015. The 3,076 pending sales last month marked a 9.1 percent year-over-year decline. It was the same story for the 3,409 new listings, which were 5.2 percent below the number of new listings in March of last year.
(READ MORE: Oregon Live)
