It’s getting to be a bit old hat at this point, but another widely-watched real estate index confirms home prices are on the rise both locally and nationally.
CoreLogic Inc., an Irvine, Calif.-based real estate research firm, reports its index of Portland area home prices, including distressed properties, rose 16.2 percent in April compared to the prior year. Nationally, home prices rose 12.1 percent.
Oregon ranked fifth in the nation for home price appreciation at 15.5 percent, after Nevada (24.6 percent), California (19.4 percent), Arizona (17.3 percent) and Hawaii (17 percent).
On a month to month basis, CoreLogic said Portland home prices were up 2.8 percent compared to March. Excluding distressed sales, Portland home prices increased 14.2 percent on an annual basis and 1.9 percent on a monthly one.
In a measure of the strength and depth of the recovery, CoreLogic noted that when distressed properties are excluded, every state saw home prices appreciate in April.
“Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20 percent or more,” said Anand Nallathambi, president and CEO.
The Regional Multiple Listing Service reported the average sales price for Portland was $293,600 in April, up 15.3 percent from the prior year.
*courtesy of Portland Business Journal*
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