If you've been thinking about buying a new home, now may be the best time to start looking.
Portland home prices rose 13.2% between January 2013 and January 2014 according to the newly released S&P/Case-Shiller Home Price Indices. Nationally the 10-city and 20-city composites rose 13.5% and 13.2% year-over-year.
Meanwhile, Portland saw another slight monthly decline in prices from December to January at -0.3% which is being blamed on the typical slow winter season. Nationally 12 of the cities represented in the 20 city composite experienced slight price drops while only 7 cities showed positive returns between December and January.
The Chairman of the Index Committee says expectations and data point to rising prices for 2014 with the gains to be moderate.
In Portland, we still have plenty of room to grow as we are still 14.6% below the peak prices of 2007.
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