Real estate prices in the United States have fallen from record highs of more than $1 billion in 2006 to about $200 million, according to a new study.
The latest analysis by Real Capital Analytics shows that in 2016, the median sale price of single-family homes in Portland, Oregon, fell to $8.8 million.
That’s an 18 percent drop from the median price of $9.5 million in 2006.
It is a drop of $1.4 million since last year, and a 23 percent drop since last September.
The study, released Tuesday, said it is hard to determine whether the decline reflects a recession, a housing market correction or a slow-moving market.
In addition to the decline in Portland’s median price, the average price of a detached home fell by nearly 15 percent to $1 million in the same period.
It was the largest single-year drop in Portland since 2008.
Portland is home to more than 6,000 housing units that include duplexes and townhomes, and about 1,500 multifamily housing units.
The average house price in Portland has been declining steadily over the past decade.
The analysis is based on real estate listings from the U.S. Census Bureau’s National Real Estate Association and from the Federal Reserve Bank of New York.
It uses a combination of prices and sales data to estimate the value of a home.
In 2018, the city of Portland, a metropolitan area about 25 miles north of Portland and just south of Vancouver, was the 10th most expensive city in the country.
The median price in the Portland area fell from $1,350,000 in 2006, when the median house price was $1-2 million, to $732,000 this year.
The Census Bureau defines a city as one that is 50 percent white, 50 percent Hispanic, 50 and 50 percent Asian, 50 or more people of color, and 10 percent foreign-born.
The number of people living in Portland rose to 4,097,500 in 2018, a 1.6 percent increase from the year before.
The city is home the University of Oregon, Portland State University, the Oregon Institute of Science and Medicine, Oregon State University and the University at Albany.
The state of Oregon has the nation’s eighth-largest concentration of nonresident students and the state has the fifth-largest percentage of people with a bachelor’s degree.