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Residential real estate inventory remained at record lows in October as the housing crunch continued unabated.

The Portland metro area had only 1.1 months of inventory on the market in October 鈥� the second consecutive month at that level and the lowest on record. The data comes from RMLS, a regional listing service.

The local crunch is a reflection of a nationwide trend, said Diana McCredie, a Realtor with McCredie Realty Group in Northeast Portland. 鈥淲e have a housing shortage,鈥� she said.

Demand for housing far outstrips supply as builders run into regulatory and economic roadblocks, McCredie said.

鈥淚t is not easy to build homes, partly because of the affordability and partly because it takes so doggone long to get through the permit system with the city of Portland,鈥� she said.

Total market time held at 38 days on average, according to RMLS.

In Portland, the Residential Infill Project, a broad rezoning of the city’s single-family neighborhoods, takes effect on Aug. 1. It will allow duplexes, triplexes and four-plexes in many residential areas throughout the city. Still, city projections expect the policy will result in a gradual adding of housing stock, not a sudden rush.

McCredie said city dwellers will have to get used to more attached homes in urban neighborhoods.

鈥淭he future of Portland is going to be attached housing,鈥� she said. 鈥淚t’s like Europe. You’ve got to get used to that.鈥�

For buyers who insist on spacious backyards and garages, suburbs including Gresham and Beaverton can still provide that setting, McCredie said.

According to RMLS, the median sale price reached $460,000 in October, up 12.1 percent from a year ago, and up 2 percent from the previous month. For the year to date, home prices have risen 6.1 percent.

The housing shortage isn’t going anywhere, McCredie said. 鈥淭his housing shortage will probably continue for at least the next decade, is what I’m hearing from the economists,鈥� she said.

RMLS data for the Portland metro area includes Portland, Gresham, Troutdale, Beaverton, Milwaukie, Oregon City, Lake Oswego, West Linn, Beaverton, Aloha, Tigard, Wilsonville, Hillsboro, Forest Grove, Mount Hood, Northwest Washington County and Columbia and Yamhill counties.