The jump happened despite an increase in homes for sale in June. The 4,501 new listings were an increase of 8.6 percent over May and the strongest June for new listings since 2008, according to the new monthly Market Action report by the Regional Multiple Listing Service.
The price increase reflects the fact that, although more homes came on the market in June, there is still a shortage of homes for sale in the Portland region, compared to historic inventories.
Lennox Scott, chairman and CEO of John L. Scott Real Estate, says the housing market is the same along the entire West Coast and he expects the situation to continue into next summer.
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