More bad data for real estate. Property sales are the lowest since 1999. The Bussiness Journal reports, in part:
Existing home sales — including condominiums and town homes — dropped in all four regions of the nation, according to the 1.3 million-member association. In the West, existing home sales tumbled 28.5 percent from a year ago.
The article points to 10.3 months of inventory. RMLS reports 12.8 for Portland’s metro area. This appears to be one of the first bits of national data that Portland has landed on the bad side of.