Portland’s high demand for housing in conjunction with depleted supply has continued to push home prices upward. According to a report by Zillow, home values in Portland rose by a 9.6% year-over-year increase from 2014.
Portland had the largest annual gains in home value in October based on the Standard & Poor/ Case-Shiller home price index. On a month-over-month basis, home prices increased by 0.5% in November 2015. CoreLogic HPI Forecast projects an increase of 5.4% year-over year in November 2016.
“Heading into 2016, home price growth remains in its sweet spot as prices have increased between 5 and 6 percent on a year-over-year basis for 16 consecutive months. Regionally we are beginning to see fissures, with slowdowns in some Texas and California markets, but the northwest and southeast remain on solid footing.” Dr. Frank Nothaft, Chief Economist for CoreLogic.
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MILES D. RUSTH
Senior Mortgage Banker • NMLS 84660