Sales Of Oregon Homes Falling Short

Sales of previously owned homes fell short of a 5 million annual rate in February for a second month, showing an industry struggling to gain traction amid rising prices and a lack of inventory.

Closings, which usually take place a month or two after a contract is signed, rose 1.2 percent to a 4.88 million annual rate, the National Association of Realtors reported Monday in Washington. The median value of a house climbed 7.5 percent from the same month last year while the number of properties on the market was little changed.

One reason property values are escalating is because there aren’t many homes from which to choose. There were 1.89 million houses on the market at the end of the month, down 0.5 percent from the same month last year.