Following national trends, Portland home-prices continued to rise in May, but the Regional Multiple Listing Service reports a significant increase in new homes for sale. Good news for homebuyers in a stretched inventory market.
With 4,192 new listings in May, RMLS reported a 9.4 percent increase from this time last year, and the strongest May for new listings since 2008.
Sellers retain the advantage, however. “The market remains tight,” says the Portland Business Journal, “with enough inventory to answer demand for 2.8 months.”
Though national home prices are still 14.3 percent below peak 2006 levels, home prices are up in every state. National home prices increased by 10.5 percent in April, according to data from a CoreLogic report released in June. This marks the 26th consecutive month of year-over-year increases in the CoreLogic Home Price Index (HPI).
California leads the way with a 15.6 percent increase from April 2013, and Oregon shows a 10.3 percent increase. This includes figures from distressed sales where property is sold in an urgent manner, often at a loss. Figures released by CoreLogic, show that some of the fastest growing states also fell the farthest in the housing crisis.