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Report: Portland Home Values Growing Fastest In US

<p>A row of new houses for sale in the Boise Neighborhood in North Portland.</p>

Katelyn Black

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A row of new houses for sale in the Boise Neighborhood in North Portland.

Portland’s home values are the fastest-growing in the country.

Homes in the city appreciated nearly 12 percent from January 2015 to January 2016, according to the Case-Shiller Home Price Indices.

That's more appreciation than Denver, San Francisco and Seattle — all places where the real estate market is doing well. And it’s more than twice as much as homes appreciated nationwide.

“Portland continues to be one of the strongest West Coast markets," said Aaron Terrazas, senior economist at Zillow.

Even though home values are rising quickly, he said, Portland remains relatively affordable, especially compared with other cities along the West Coast.

“Demand is strong," Terrazas said. "A lot of the recent gains we’ve seen has been driven by low inventory. The number of homes for sale in the Portland area this past month was about 5,000. That’s less than a third of how many were for sale, say, five years ago. So inventory’s way down. Particularly for entry-level homes.”

Terrazas said the low inventory comes from some uncertainty about people selling and being able to afford a more expensive home.

Copyright 2016 Oregon Public Broadcasting

Conrad Wilson is a reporter and producer covering criminal justice and legal affairs for OPB.