HOME PRICES ARE RISING BUT STABALIZING ACCORDING TO THE S&P/CASE-SHILLER INDEX

Home prices rose in April but the annual gains are slowing down according to the latest S&P Case-Shiller report. Portland was no different as our index level rose 1.56% to 165.16. That's an 11.1 percent year-over-year increase which is less of an increase from year prior.

The 20 city Composite rose 1.1% in April with a year-over-year increase of 10.8%,

The S&P/Case-Shiller Index measures the average change in value of residential real estate given a constant level of quality within a 10 and 20 city composite. The report is a review of activity that occurred 2 months prior.

THE TIGHT HOUSING SUPPLY IS RESULTING CONTINUED RISING PRICES

LOW PORTLAND REAL ESTATE INVENTORY COULD MEAN ANOTHER SUMMER OF RAPIDLY RISING PRICES

RMLS Market Action Report

 



In case you missed it, Portland's Regional Multiple Listing Service reported last week that housing inventory for April was the lowest we've seen for April in years. With only 2.8 months of inventory, home sellers are definitely calling the shots which could prompt another year of bidding wars and rising prices.

 

As we head into the home buying season, prices could rise quickly. In April, the average home price in Portland was $325,100, up 10.7% from the same period in 2013. We are around 7% below the peak prices of 2007 and prices still have room to grow.

 

The bottom line is if you have been thinking about finding a new home, now is the most affordable time to buy as interest rates are still low and prices continue to go up. If you have been thinking about selling a home, buyers are out in full force.

 

I would love to help you make your real estate dreams come true. Call me at 503-318-1918 to find out what I can do to help you during this crazy real estate period.  

 

 

 



PORTLAND IS A RETIREE MECCA

The Portland-Vancouver-Hillsboro metro area is the 2nd fastest growing retirement
area among the 75 largest metros in the US according to NerdWallet.com. The
financial website authors used data from the US Census Bureau to come up with
their list.

Within the 75 markets analyzed, they looked at the 65+ population as a
percentage of the total population in 2007 and in 2012. They identified the cities
that saw the greatest growth in that percentage.

According to the website, the Portland metro area is known for its abundance
of outdoor activities and vibrant art and music scene. They also point out that
Portland is home to many retirement living centers such as Rose Villa. The site
also touts Portland’s many microbreweries and golf courses as being a hit with
our growing retirement population.

 

You can read the entire article here: http://www.nerdwallet.com/blog/2014/americas-fastest-growing-retirement-places/



If you or someone you know is ready to make a move, I would love the
opportunity to help. Let me show you how I can get you into the home of your
dreams and sell your house in a short amount of time for top dollar. Call me at 503-318-1918.

HOME PRICES EXPECTED TO CONTINUE THEIR RISE THIS YEAR, BUT AT A MODERATE PACE

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.

PORTLAND RESIDENTIAL HOME SALES INCREASE IN FEBRUARY WHILE HOME PRICES CONTINUE TO CLIMB

The latest RMLS Market Action Report is hot off the presses and it shows that last month was the best February for closed home sales in the Portland area since Feb. of 2007.   There were 1,467 closed sales last month and that's a 5.1% increase from January and a 6.6% year-over-year increase.

 

Home prices are also still on the rise in the Rose City as the average price increased 12.8% over the past 12 months. The median price increase 14.9% to $269,000 over the past year.

 

Despite all the good news, there were some low lights to the report. Pending homes fell 8.8% from January while new listing also dropped 8.9% over the month. The number of active listings were up while the average days on the market also increased but are still at the lowest level since 2008 at 3.9 months.

 

If you are in the market for a new home, I'd love the opportunity to help. You can call me at 503-318-1918  to find out about my services and get a free market analysis of your current home. I can also get you into a new home by assessing your needs.

I'd also appreciate your referrals. They are the life-blood of my business.

Thanks so much.

IT'S 32% CHEAPER TO BUY THAN RENT IN PORTLAND ACCORDING TO TRULIA

The decision to rent or buy a home depends on where you live and also on your mortgage rate, tax bracket, and time horizon. Read the full report here. Check out the rent vs. buy calculator that is used to power this map. Click here to make this map interactive.