A report from the Oregonian. "The Portland-area housing market continued its slow drift downward in June. The median home price for the Portland area dropped to $295,000, from $297,000 in May, according to the Regional MLS. That marked the first May-June decline since 2000, and indicated to economists who follow the local market that housing is weak and could become weaker through the end of the year."

"'I think it's going to be a long time before we fully adjust to the excess inventory,' said economist Bill Conerly of Lake Oswego. 'It will be deep into 2008 before we hear any good news.'"

"After striding past the national housing slowdown for about a year, the local housing market is showing signs of losing its stamina. Rising inventories suggest sellers have lost leverage, and the widespread exit of first time buyers and investors have cut severely into demand."

"'We're in a buyer's market," said economist Jerry Johnson in Portland."

"Recent price gains have simply out-paced incomes, Conerly said, making homes less affordable. 'It's the prices compared to three or four years ago -- that's what is keeping first time homebuyers out of the market,' he said."

"There were 2,731 closed sales in June, 18.5 percent fewer than a year ago. There were 13,752 homes for sale as of July 2, 60.4 percent more than a year ago."

"'The story of the last few years had been a lot of first time home buyers moving out of apartments and people who wanted to try their hand at real estate investment,' said Conerly."

"Johnson said home builders need to cut production deeper than they have. 'In the long run, you don't want to have 5 months inventory on the market — you want three to four,' Johnson said."

"Across the state line in Clark County, Wash., the median price in June was $265,500, down 1.6 percent from a year ago. There was 6.8 months of inventory on the market compared with 4.7 months in June 2006."

"In Lane County, which includes Eugene and Springfield...inventory is also on the rise. There were 902 houses listed with the RMLS. The number has risen steadily since January, when just 558 properties hit the multiple listings."

The Register Guard from Oregon. "In Lane County, but June's numbers showed...a jump in new listings. Last month, 902 houses were listed with the Residential MLS, compared with 804 in May. The number has risen steadily since January, when just 558 properties hit the multiple listings."

"'It appears that sellers held off longer than usual into the year to put their homes on the market,' said Sue Jakabosky, eco-broker with Re/Max Integrity. 'I think everybody was adjusting to the slower market, and they were hesitating because of all the (national) news that the sky was falling in housing sales, waiting to see what would happen here.'"

The Bend Bulletin from Oregon. "Bend developer Darrin Kelleher says he's still in the market for buildable land in Central Oregon this summer, even though the housing market is 'certainly on its nose.'"

"The reason: Kelleher, a self-described optimist, thinks the region will shake off its excess inventory by spring 2009, opening the gates again, the gates, not the floodgates, to new growth."

"On the other hand, the market numbers are bad enough right now that even an optimistic developer has to concede that the pessimists might be right about a longer downturn. 'It comes,' Kelleher said, 'with an element of fear.'"

"In Bend, the region's most expensive market, 1,550 single-family homes without acreage, or homes on less than an acre, were for sale on June 11, according to appraiser Mike Caba's tracking numbers, an inventory level that could take 10.9 months to sell if the average monthly sales rates of the first six months of 2007 continue to hold."

"The number of houses for sale in Bend alone has risen 27.7 percent since the third week of January, according to Caba's numbers, but price and sales weakness have been evident all year in nearly all of the region's local markets."

"In Bend, sales numbers plunged 25.8 percent from the same period in 2006 to 850, dipping to levels not seen since 2003. Redmond's sales slide was even steeper. The city's 298 sales came up 42.9 percent short of the same period in 2006."

"Kirk Schueler, president of Central Oregon's largest developer, said he and the Brooks board of directors don't expect local housing prices and sales to stabilize, at this point, possibly until 2009. Brooks opted to pull the plug on a high-end riverfront townhome project in Bend earlier this year, partly because the company expects weakness to continue in that market for at least another year, Schueler said."

"'I'd say it's going to be a good buyers' market for most of the next six to 12 months,' Schueler said."

"In Sisters, non-acreage home sales slid 37.8 percent to 46 for the first half of the year, sliding below the pace of any year since 2002, according to the MLS, while median prices dipped only 3 percent from the first half of 2006, to $396,383."

"In Redmond, condo sales plunged 55.8 percent to 23 compared with the first half of 2006. Predictably, the sales of raw lots plunged in most markets, falling 38.9 percent in Bend with a 5.46 percent price reduction from the first half of 2006, and diving 41.9 percent in Redmond with a 28.6 percent price cut compared with the first half of 2006."

The Columbian from Washington. "Clark County home values showed signs of softening in June for the first time in more than five years with a 2.8 percent decline in home prices from a year ago."

"'I believe it's the first month this year that there has been a significant change,' said Mark Cannucci, head of sales and marketing for the 'benchmarks' service."

"Total home sales were also lower last month than in 2006, dropping by 21.9 percent. A total of 813 new and pre-owned houses were sold, down from 1,041 home sales in June last year."

"June's declining home sales in Clark County were consistent with a 20.7 percent drop in second-quar ter home sales. A total of 2,311 homes sold in the three months ending in June this year, compared with 2,914 homes sold during the same period last year."

The Idaho Stateman. "Home sales in Ada County are still lagging behind the record-setting numbers recorded in 2006, according to the Intermountain MLS Sales Survey reported today by the Ada County Association of Realtors."

"June closings were 710, 35 percent less than the 1,135 recorded during last year’s near-record highs."

"'Buyers who are on the fence should reconsider their position, and look at their local market again. They'll never have better inventory to choose from...Those who wait too long are going to find fewer homes to choose from and the possibility of higher rates not too far down the road,' said ACAR President Sue Nielsen."

"Nielsen said the number of sales last month 'are more comparable to a normal market.' The median sales price in Ada County last month was $235,090, down slightly from June 2006."

"'Sales in the $400,000 to $500,000 range were down by 41 percent. Most families are looking for homes that they can afford, and most families can’t afford $500,000,' Neisen said."

From KTRV 12 in Idaho. "Some of Mircron workers laid off may soon have their house on the market if they move to Pullman, Wash. That may not help the latest numbers on Ada County home sales, which show the market continues to lag."

"The biggest reason is that the market is not like it was a few years ago, which is why experts say for Treasure Valley residents, right now may be the perfect time to buy."

"But it seems home buyers are waiting to make their American dream come true. Agents say interest from out-of-state buyers is not as strong as it was last year."

"'I actually think the market in most of the market sections. I think the market is having difficulty finding equilibrium and it's still leaning towards a buyer's market,' said Idaho Real Estate School Director Mike Gamblin. 'I think some of the buyers who are on the fence now maybe should take a look at buying because we have our inventory which is bigger than usual.'"

"'A good agent will know the market, they will know how to price your home correctly if your goal is to sell, you have to price it right, period,' said real estate agent Laurie Barrera."