Salvador at the Portland Real Estate Blog says housing inventory has reached 5 months. Looking at the overall trend, that's good news for buyers, bad for sellers:

For comparison purposes, inventory at this time in 2006 was only 2.6 months. And in 2005, during Portland’s record breaking year, inventory was at an all time low of 1.5 months. In other words, the number of homes for sale in Portland and the suburbs has doubled and tripled in the last couple of years. (Link)

Salvador's bottom line: "Sellers need to be realistic."