HOME PRICE CONTINUE THEIR RISE BUT THAT RISE IS SLOWING DOWN

Home prices are still rising in Portland but slowing down significantly according to today’s S&P/Case-Shiller Home Price Indices report. Data through July shows Portland saw an 8.2% annual rise in prices. Still, you can see the deceleration taking place as Portland experienced a 1.1% increase between May/June then dropped to a  0.7% increase between June/July. 

The stabilization of the market is good news as we prepare to return to a healthy buyer/seller market and a steady 4% annual increase in prices. The market can’t sustain these huge jumps in prices forever.

Look for this deceleration to continue for months to come as the RMLS reported the median sale price for Portland area homes was $299,000 in July then dropped to $295,900 in August.

For those of you who have been holding off on selling your home for fear that you would not find something new to move into, this is good news. We should see increased inventory as more and more home owners come out from being under water on their home value.

If you have questions on what the report means for you or if you’ve been thinking about buying or selling a home, please call me at 503-318-1918.