Oregon live discusses Portland housing prices according to the Case-Shiller home-price index.
The Portland area led the nation in home-price increases for 11 months, but Seattle took the top spot in September. Portland saw home prices rise 10.9 percent year-over-year, compared with Seattle’s 11 percent, according to the Standard & Poor’s/Case-Shiller home price index. The two cities were only ones out of the 20 surveyed in the index to see double-digit annual increases.
Portland’s annual increases have slowed in recent months, which is welcome news for would-be homebuyers who have seen rising home prices take chunks out of their buying power.
But the housing market remains highly competitive, and costs are still rising at a rapid clip. Looming interest-rate hikes threaten to curb buying power more.
Nationally, the Case-Shiller index showed home prices had surpassed their bubble-era peak to reach a new all-time high. They’re also gaining ground at a rate not seen since 2012, when prices started a rapid rebound from the collapse of the housing bubble.
“We are currently experiencing the best real estate returns since the bottom in July of 2012,” said David Blitzer, chairman of S&P’s index committee. “Given history, this trend is unlikely to be sustained.”
The Case-Shiller index measures relative changes in home prices using repeated sales of the same homes. It uses a three-month rolling average.
The median Portland-area home sold for $350,300 in September, an increase of 15 percent from a year earlier. It fell slightly to 350,000 in October, a typical seasonal decline.
— Elliot Njus