Per the norm in Portland over the last few years, homes in Portland continue to sell quickly and at ever-higher prices.

However, they're not selling quite as quickly.

VIEW SLIDESHOW: Where homes are selling the fastest

The hot residential real estate market has become such a convention that the PBJ has begun tracking and aggregating that information in what we call our Portland Heat Index. It's a measure that we think accurately gauges exactly which spots are the most desirable to Portland area home purchasers.

The index considers the most total home sales, fewest average days on the market and highest average sale price. We give equal weight in the index to all three categories.

This is the second time we've rolled out our Heat Index. This time, we've included the data for 64 Portland areas studied by RMLS, which provides our Hottest 'Hoods information, in which 30 or more homes were sold.

Within the 97 Portland ZIP codes for which RMLS reported sales in the third quarter, there were 8,865 homes sold, averaging 42 days on the market and $421,231 in sale price. Compared to 2016’s third quarter, sales were flat, increasing just 0.2 percent, while the days on the market measure quickened by 30.7 percent (from 60) and the average sale price jumped 9.3 percent (from $385,400).

This quarter in terms of home sales alone, 97229 (Forest Heights/Bethany) was champion with 420 sales, distantly trailed by 97045 (Oregon City/Happy Valley) with 287 sales and 97206 (Foster/Powell) with 273 sales.

Lake Oswego’s 97034 fetched the highest average sale price at $937,073, followed by 97210 (Nob Hill) at $746,816 and 97212 (Irvington/Grant Park) at $717,732.

And homes were truly a blur on the market in the Aloha and Beaverton ZIP codes of 97078,97006 and 97005 where they averaged 15, 17 and 19 days on the market, respectively.

Click through on the pictures above for a full look at which 'hoods, by virtue of our Portland Heat Index, are indeed the "hottest."

The Portland Business Journal is a KGW News partner.