A housing report from the Oregonian. "If you're thinking that For Sale sign down the street is about to sprout moss, you're not imagining things. New listings of homes for sale in the Portland metropolitan area increased 8.5 percent last month, while closed sales declined by 17.5 percent."

"The result: homes are sitting longer and the supply of homes for sale is at its highest level in almost two years. In November, the inventory reached the equivalent of 5.1 months."

"'We're transitioning to a buyers' market,' said Jerry Johnson of the Johnson Gardner economic consulting firm in Portland. 'There's an element of seasonality, but standing inventory really is more of an issue. We've seen it roughly double in the last year or two.'"

"He said sellers can expect to see buyers pushing for lower prices, and home builders discounting their new homes. Year-over-year price increases have dwindled to their lowest levels since mid-2004."

"At seven months, Southwest Washington's inventory, comprising homes for sale in Clark, Cowlitz and Pacific counties, is larger than the Portland metro area's."

"Agents think the next few months will be telling. 'The spring market will tell the story,' said (realtor) Brian Pienovi. 'Everybody's a little cautious about what's going to happen this spring.'"

"Real estate agent Peggy Hoag said her telephone didn't ring in November. Now, she said, pre-holiday activity is picking up as buyers sense bargains."

"On the other hand, she said she's seen a lot of sellers pull their houses off the market, both for the holiday break and their sense that the market was weak. Many of those listings will be back in January, she said. 'I think we're going to see a lot of new inventory out there in the new year,' Hoag said. 'It'll be interesting to see what happens.'"

"(Realtor) Billy Grippo said he is having a strong December after 'everybody froze up' in September and October. But he was making no predictions for the new year. 'I'm hoping the buyers show back up, because we know the supply is going to be there,' he said."