Tuesday, January 12, 2010

Portland Housing Market

The national housing market is showing signs of life. Existing home sales rose seven out of the last eight months according to the National Association of Realtors. The latest increase (October 2009) brought sales to the highest level in more than two years.

Portland's housing market is showing similar trends. The year-over-year plummet in the number of housing permits issued for single family units has stopped (Graph 1). The latest data (October 2009) showed an annual increase for the first time since the summer of 2007 and a significant improvement from the 60-plus percent declines we experienced late in 2008 and early 2009. Nonetheless, permit activity, although perhaps stabilizing, remains at a very low level by historic standards, and 2009 is on track to be weaker than the early '80s, our last major housing downturn.

Meanwhile sales are trending upward. Home prices in Portland have stabilized.

Get the rest of the story in the full article, written by regional economist Amy Vander Vliet ( 503-280-6031). She is located in Portland.

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