Home Value Trends in Portland 2008
Written by Theresa Brigleb on Tuesday, May 13, 2008
HANG IN THERE FELLOW PORTLANDERS !
We are definately faring better than the rest of the country. According to Zillow’s latest Home Value Report, home values in Portland decreased 1.2% in the first quarter of 2008, compared to the first quarter of 2007. But Nationally, single-family homes decreased 7.5% while condo values declined 9.0% during this same period.
Portland surpassed Seattle to become the second strongest U.S. housing market among the 20 largest markets. Closed Sales are up 27.6% from January. Pending sales rose 9.9% from January. And we need to remember that homes appreciated 5.8% from Frebruary 2007 to February 2008. So, we still have appreciation going on here. And this, combined with the recent news from HUD that FHA loan limits are increasing is good news for buyers.
Undoubtedly, real estate has been hit hard in other areas of the country. But for now, at least, Portland area homes are still appreciating at a healthy rate. and now is a great time for buyers to take the leap to homeownership. A big inventory to choose from, prices a bit lower than the past years....all good news for buyers!