PORTLAND, Ore. (KOIN) – Housing inventory is the highest it’s been in the Portland metro area since May 2020, according to the July 2022 Regional Multiple Listing Service report released Wednesday. 

The inventory is now up to 2.0, meaning if no other houses were listed for sale, the number of available homes would sell within 2 months. 

The last time inventory reached 2 months or more was in May, when it was 2.3. During all of 2021, inventory barely climbed above 1.0. 

Housing inventory has been climbing since March, according to the report, and it’s not because more homes are going on the market. 

In fact, new listings decreased 12.4% from June to July. They’re down 11.8% from July 2021. 

Sales also appear to be cooling off. Pending sales are down 27.1% and closed sales are down 31.1% from July 2021. Closed sales are down 18.1% from June. 

One promising sign is the median sale price of homes has dipped. In July, the median sale price was $566,000, down from $570,000 in June. 

Homes were the most affordable in Columbia County where the median sale price was $449,500 in July, in Yamhill County where the median price was $465,000 and in Gresham/Troutdale where it was $495.000. 

The highest-priced homes were in Lake Oswego/West Linn where the median sale price was $853,500.