The chart above is from the March 2009 Market Action (click to enlarge). 

The four areas that make up Portland have all seen a significant drop in pending sales compared to last year (16%-30%) whereas Gresham/Troutdale, Oregon City and  Milwaukie/Clackamas saw an increases (1.7% and 7.3% and 10.7% respectively).  The 12 month rolling average sales price is down across the board.  North Portland has the lowest market time at 114 days.