Tuesday, May 27, 2014

Home Prices Rose in Portland and the U.S. in March

After stagnating in recent months, the Case-Shiller index shows that home prices rose in March. 

The Oregonian reports that Portland metro home prices were up by 1.3 percent in March, and increased by 11.8 percent from a year earlier. Portland was one of 13 cities in the index where prices are rising at a slower year-over-year rate than they were in March 2013. The relatively low inventory of homes on the market -- due to lagging construction and homeowners with low equity not listing homes for sale -- are among the factors cited for pushing up prices.

The article also notes that diminishing foreclosures on the market may be influencing the numbers. Foreclosures generally sell for prices considerably less than "normal" market value. In a more active market, those homes grew more expensive, and accounted for a smaller share of the market, contributing to higher average home sale prices.

No comments: