Industry News Market Update News

Portland behind other U.S. cities in home price rises

Photo by Umit Aslan on Unsplash

Elliot Njus | The Oregonian/OregonLive

Portland-area home prices continued to rise at an annual rate of 5.9 percent in May, according to the S&P/Case-Shiller home price index, slower than the nation as a whole.

That’s the same rate of home-price appreciation as the metro posted in April. Home prices in Portland haven’t risen so slowly since 2012, in the early days of the housing market’s recovery.

Cities in the west lead the index, with Seattle (up 13.6 percent year-over-year), Las Vegas (12.6 percent) and San Francisco (10.9 percent) rounding out the top three. Nationally, prices rose 6.4 percent year-over-year.

The slower gains, paired with fewer home sales and growing inventory of homes for sale, suggest that an unsustainably hot market is beginning to peter out, brokers and economists told The Oregonian/OregonLive earlier this month.

They described the shift as approaching something closer to normal, brought about by prices that had risen far faster than wages as well as a growing supply of new homes, including rentals, that had been built in recent years.

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