Portland Leads West Coast Metros In Rising Home Prices Amid Slowdown
By Elliot Njus | The Oregonian/OregonLive
Portland-area home price growth held steady in June amid a nationwide slowdown.
Home prices in the metro area grew by 2.4% during the 12 months that ended in June, the new numbers from the S&P/CoreLogic Case-Shiller index show. Portland leads the languishing West Coast, though prices are climbing here at a slower rate than the national average.
Nationally, home prices rose 3.1 percent year-over-year, half the rate of a year ago.
“While housing has clearly cooled off from 2018, home price gains in most cities remain positive in low single digits," said Philip Murphy, the global head of index governance at S&P Dow Jones Indices. "Therefore, it is likely that current rates of change will generally be sustained barring an economic downturn.”
The slower annual returns come after years of soaring prices, and the Portland metro continues to set new record highs. Home prices today are 29% higher than at the July 2007 peak of the housing bubble. They’ve climbed 42% in the last five years.
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