Thursday, October 30, 2014

Average Home Price Changes Since Peak in 2009 - Portland Area

The Oregonian released an article about home prices in the Portland area with an interactive map showing the average change in price from the pre-2009 peak.  In most areas, average prices are still below the July 2009 peak.  Interactive Map

An Uneven Recovery in Portland

The way the numbers tell it, metro home prices are nearly back to where they were at the height of the housing bubble.

But tell that to Dan Gering, who sold his house in Tigard this week – after dropping the price three times. "Everyone around us was saying the market was hot," he said. "I was stunned."

The median-priced home in the Portland area sold for $299,000 in July, according to the Regional Multiple Listing Service. That's just $3,000 short of the August 2007 peak for the area
But median prices don't paint a complete picture. A closer look reveals an uneven recovery, with only a handful of neighborhoods actually seeing higher prices now than at the peak. Those tend to be close-in eastside Portland neighborhoods that had lower home prices during the housing run-up in the first place.

Most suburbs — and some neighborhoods considered among Portland's most desirable — are still seeing homes selling for far less than their peak.