Home sales still strong in some places

Daily Real Estate News March 21, 2008

Home Sales Still Strong in Key Areas The housing slowdown is not being felt in some of the most desirable areas of the country.For instance, in Ross, Calif., about 18 miles north of San Francisco, real estate practitioner Tracy McLaughlin says, “It’s supply constrained.”Other metropolitan areas that continued to post gains in home prices nearly every month are Seattle, Portland, Ore., and Charlotte, N.C. In Charlotte, home price growth has averaged a steady 7 percent over the last five years.In San Francisco, prices have declined slightly, but demand remains strong. "The market is very strong," says Richard Weil of Hill & Co. in San Francisco. "We don't have any inventory. It comes down to that."Weil says houses in the $3 million to $5 million range are taking a little longer to sell. But those shopping for homes priced at $6 million or more are largely unaffected by the market downturn.
Source: Reuters News, Jim Christie (03/18/20) and San Francisco Business Times, Mark Calvey (02/28/08)

As mentioned in the above article Portland and the general Oregon housing market is still strong. Increasing Fed cuts and lower house prices have brought out many buyers. Its still important to be aware of increasing foreclosures however with increasing federal programs and steady job market in Oregon foreclosure do not play a huge threat in this area.