With the second highest unemployment rate in the country and then this week’s Nike layoffs, Portland didn’t need any more bad news. That’s what it got though when results of first quarter 2009 home sales came in. Needless to say, the numbers don’t look good. That isn’t a surprise to many as we have seen unstable housing markets nationwide for over a year now. The first quarter of 2009 saw a small decline in the median price compared to 2008 Q4 but a sizable slide compared to the same quarter last year. The current median home price in Portland is approximately $260,000, down 13% from the 2008 Q1 mark of $300,000.

The number of homes that sold during the quarter was also down significantly to right around 1,750. During the housing boom, Portland peaked with nearly 8,000 homes sold during Q3 of 2005. The fourth quarter of 2008 saw nearly 2,500 homes sold during what is traditionally a slow quarter for the market.
It was not all bad news though. The median home price in Portland has still not declined as drastically as some housing markets. Today’s median home price is equal to the median home price in Portland during Q4 of 2005. Some markets, like San Diego, have seen a 40% decline in the median home price since 2005 while Portland is down less than 20%.

Some economists believe that the US Economy is nearing the bottom but that strong recovery will probably not been seen until 2010.