Case-Shiller: US home prices show first annual gain since 2010. Home Price Indices were released and showed that home prices have increased across the country in the past year. Portland area sales is up 3%.
Home prices have now begun to show the picture of a housing turnaround. New construction has picked up and the fact is that prices appear to have bottomed as well.
Using the Federal Housing Finance Agency data shows us a similar story. Like the Case-Shiller, home prices across the state have stabilized over the past year. We are seeing a positive growth and heading in the right direction.
We are expecting the home prices to stabilize across the state due to low inventory on the market today and with mortgage rates still being at historical low.
Rising home prices will keep more and more homeowners from being underwater on their mortgages, which should help hold down net debt levels and support more spending and economic growth. This support is expected to continue to increase in the coming years as new construction picks up further and the volume of sales also increases.