Portland Home Prices Rise, Zillow says 4.3% Higher 2013
For the first time since the housing market crash prices have risen nationally from one quarter to the next, in this case, from the first quarter of 2012 to the second. Nationally that rise barely occurred, .02%. In Portland we are looking at a 6% increase in the housing market this year. However, last fall and winter prices dropped in Portland over 10-12% and so from year to year homes are still cheaper in Portland than in 2011.
Is this the beginning of a housing turn in Portland? Zillow thinks so and is forecasting a 4.3% increase in Portland housing prices in 2013. Other analysts are less optimistic pointing to an ongoing shadow inventory of foreclosed homes that have yet to hit the market and pointing to the nearly 6 year trend of dropping prices in the fall and winter.
As your local Portland Realtor, I expect prices to drop again slightly 2012 fall and winter and then rise again in the spring and summer of 2013. Overall, I expect 2013 to be Portland’s first stable year in the housing market with prices increasing or decreasing by a percentage or two. I’m not quite as optimistic as Zillow, but more so than a few naysayers. The Portland housing market is booming this summer and as a top Portland Realtor I’m seeing it happen everyday.August 1, 2012