The Portland Metro area inventory is at a five year low according to the multiple listing service. Month supply of home for April was 4.7 months. This is the buzz about "listing inventory" shortage in Portland.  Take a look at Grant and Wallowa County though with over three years of inventory to sell. Yikes! 

Mt. Hood Area inventory of residential homes are at a 13 month level. Lots of inventory to choose from and to take advantage of these historically low interest rates!

Oregon county inventories