A homebuyer’s market, but caution still rules

The spring buying season has started, and the numbers – surprise – don’t reveal many sunny story lines.

Yes, the falling prices can mean bargains for investors fat with cash. And first-time homebuyers have begun poking around, enticed by low interest rates and an $8,000 federal tax credit.

The Portland-area median home price in April was $249,900, down 17 percent from the bubble-era peak. The number of closed sales through April was down 30 percent from a year ago. Anyone who bought after January 2006 has seen his home lose value.

The trouble is most acute among downtown condo towers and luxury homes. Sales of homes above $1 million are off nearly two-thirds from last year.