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Home Prices Up 15 Percent In Oregon

Home sales in Oregon are on track to be up one percent over last year. But prices are up 15 percent.

October data out of the housing company RealtyTrac, show a continually recovering housing market in the state.

Median prices are up 15 percent to $227,000. And in the Portland area, prices are higher.

Real estate agent, Nick Krautter, is also seeing changes by neighborhood, "The east side of Portland has been hot for about 18 months, almost 2 years now. And the west side finally caught up," he said.

"And so inventory of detached homes in the West Hills, Portland Heights, Northwest, have really really tightened so those are down to sellers' markets again. And those were the only detached home markets in the city really that had still been buyer's markets and that's changed," he explained.

All cash purchases accounted for about 36 percent of sales in Oregon.

RealtyTrac estimates the discount on a distressed home is about 23 percent.

Copyright 2013 Oregon Public Broadcasting