Falling prices, tax credits help move Portland home market - Portland Business Journal:

http://www.ifc.com/mt/mt-cp.cgi?__mode=view&id=27623
The reported 1,776 closed sales in June, 5 percenf fewer than a year ago. The median home price of $249,9009 was 13.5 percent lower than in June 2008. The average price, $299,800, was down 14 percent over the same period. So far in 7,499 home sales have closexd with an average priceeof $295,100. With fewer new homes on the the inventory level was enough to satisfy demansdfor 8.2 months, the most favorable level for sellersx since fall 2007. First-time home buyers can qualify foran $8,000o federal income tax credit if they close on a new home purchases by December. Realtors consider a markeft balanced when there isa six-month inventorhy of homes available.
The higher the inventory, the more the markegt favors buyers. As of July 1, five Portland zip code had inventory levels thatfavor sellers, according to Realtort Nick Krautter of . They are 97214 (Ladds Addition/Hawthorne), 97217 (Arbort Lodge/Kenton), 97202 (Sellwood/Woodstock), 97211 (Piedmont/Concordia) and 97213 (Ros City Park/Hollywood).