Category Archives: Oregon

Portland Home Prices Jump by Double Digits

September 18, 2013
Market: Portland, OR

Average home prices in Portland rose 14% year-over-year to $321,900 in August, sustaining the city’s streak of double-digit annual price increases, according to the Regional Multiple Listing Service. Prices remain 17% behind 2007 levels, when the housing market was at its peak.

New listings and pending sales also saw increases of 10.3% and 9.5% in August, respectively. Experts estimate it would take 3.1 months to clear the market of its unsold inventory, well below the 6-month level considered characteristic of a healthy market.

Read more at the Portland Business Journal.

Underwater Mortgages Decline in Portland

September 2, 2013
Market: Portland, OR

For the first time since 2012, fewer than 30% of Portland’s single-family homes were underwater in Q2 2013, according to Zillow. Only 22.3% of Portland homeowners owed more than the value of their homes, slightly less than the national average of 23.8% and down from 25.5% in Q1 2013. In addition, only 7.6% of those underwater owed twice their home’s value, compared to the national rate of 13.4%.

This decline in underwater mortgages comes as a result of steadily increasing single-family home prices, which jumped 10.5% year-over-year to $313,900 in June, as reported by the Regional Multiple Listing Service.

Read more at Portland Business Journal.

Portland Residential Market Is Rolling on All Cylinders

August 26, 2013
Market: Portland, OR

Single-family home rents in Portland made another annual leap in July, with median rental prices increasing 3.9% from July 2012 to $1,427. This jump is primarily driven by Portland’s high apartment occupancy rate of 98%.

Single-family home values and sales prices in Portland are also showing remarkable gains. Zillow reports that July’s median home price rose 14.9% year-over-year to $253,700, and the Regional Multiple Listings Service announced the average sales price was $326,500.

Read more at Portland Business Journal.

 

Oregon 6th in US for Single-Family Home Price Increases

August 6, 2013
Market: Oregon, US

CoreLogic reports that Oregon single-family home prices rose 14.2% year-over-year in June, the sixth-best statewide increase in the country. Oregon trails only Nevada, California, Wyoming, Arizona, and Georgia in year-over-year home price increases. Portland home prices appreciated 14.6% year-over-year.

Nationally, the home price index rose 11.9%, making June the 16th consecutive month with a year-over-year increase. CoreLogic’s chief economist Mark Fleming explains: “This trend in home price gains is moving at the fastest pace since 1977.”

Read the full article at Portland Business Journal.

Single-Family Home Prices Increase in Portland, Across the Country

July 30, 2013
Market: Portland, U.S.

Portland’s housing market is mirroring the rise in single-family home prices across the country. The S&P/Case-Shiller Home Price Index reports Portland-area home prices averaged an increase of 2.2% to $316,900 from April to May. While they remain 18% below their pre-recession peak, May’s prices represent a 12.5% jump year-over-year.

Throughout the U.S., home prices continued to improve, with Denver and Dallas posting all-time highs, and Atlanta, Chicago, San Diego, San Francisco, and Seattle with home prices rising 3% or more in May. The West had the biggest increases, with home prices jumping annually by 24.5% in San Francisco, 23.3% in Las Vegas, and 20.6% in Phoenix.

Read the full article at Portland Business Journal.

Portland Multifamily Vacancy Dips Even Further

July 23, 2013
Market: Portland, OR

According to NAI Norris, Beggs, & Simpson, the multifamily vacancy rate in Portland fell to 2.04% in the Q2 2013, driving average rent for one-bedroom-units up $29 to $826 or $1.15 per square foot. The high occupancy should ease slightly as the 5,000 units currently under construction are completed. In addition, 10,000 units are proposed to begin construction in the next year, concentrated primarily in the downtown area.

Read the full article at the Portland Business Journal.

Fears of a housing bubble in Portland are overblown

July 16, 2013
Portland Business Journal
Market: Portland, OR

In June, Portland single-family home prices rose to an average of $314,000 – a 10.5% increase year over year, but a 1% decrease from May.  Some analysts have taken recent double-digit increases as signs of a housing bubble, but these fears are overblown: the decrease from May to June simply reflects a decrease in velocity from spring to summer.

This decline in velocity is important given that housing affordability in Oregon as a ration between median incomes and median home prices is extremely high because interest rates are at historic lows.  Moreover, all-cash home sales, which have been a major driver in rapid home price increases, are receding steadily from the 40% mark set two years ago.

Finally, statewide home prices are still 17.9% below their pre-recession averages, and above the national average of 14.2%.