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April 7, 2015
Portland home prices show no signs of slowing
Home prices in the Portland area show no signs of slowing down. According to the latest data from CoreLogic, home prices in the metro region were up nearly 7 percent in February over the same month last year. Prices were up just slightly on a month-to-month basis, climbing just one-half of a percentage point between January and February of this year.
Excluding distressed sales, year-over-year prices in the region increased by 7.3 percent in February 2015 compared to February 2014
The Portland area's continued rise is slightly stronger than the national trend, which is itself continuing to improve. According to CoreLogic, home prices nationwide, including distressed sales,increased by 5.6 percent in February 2015 compared to February 2014. Read More>>
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Colton Properties is a fully integrated land development and brokerage company with primary operations in Portland, Oregon.
April brought stronger Portland-area home sales and a spike in prices, new numbers from the Regional Multiple Listing Service show.
The listing service reported 2,734 homes sold in the Portland area in April, an increase of 27.6 percent from a year ago.
If that sales rate continues, it would take less than two months to sell all 4,853 homes on the market at the end of the month. About six months of housing inventory is considered a balanced market, and the 1.8-month supply of homes suggests a strong seller's market.
The median home price jumped to $301,300, up 7.6 percent from a year ago. The month's increase was unusually high, but prices are up 5.5 percent for the year to date compared with the same period last year.
Homes that sold in April spent an average of 61 days on the market, about two weeks less than in April 2014.
-- Elliot Njus