It's almost the end of the spring-summer home buying season. 2016 has been another hot market for Portland. However, some signs indicate that the Portland housing market may be slowing down. Some parts of statistics show the market has not been as crazy hot as 2015. There was about the same number of homes listed this year but the number of homes actually sold were 15% less than 2015 according to RMLS for the Portland metro area. The twist is, however, homes stay on the market for less days in 2016 than they did in 2015.
Home prices are still increasing. Compared to 2015, the median home value has increased about 20% over the past year according to Zillow. It forecasts the price will increase by 7.4% within the next year. For your information, the actual increase in Portland market well surpassed its one year forecast in 2015.
Nationally, some interesting things are happening in real estate markets. While traditionally unpopular metros areas are gaining traction with a real estate boom, already established markets are showing a slow down. Case-Schiller indices for May 2016 show that adjusted home prices are falling for two month in a row on the 10- and 20-city indices.
The biggest gain in the housing market has been in the West, particularly in Portland and Seattle followed by Denver. Portland's S&P Case-Schiller index monthly change is still increasing at about 1.5% while the 12-month change has been around 13% increase.
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