A new report on Portland metro area home prices was just released. The news is good. Yet in seeing how we got here, the timing of our price turnaround is a little surprising.
That’s because looking back on the market, our region’s price recovery appears not to have really occurred until last year.
Regional Housing Recovery Delayed
Analysts suggest the US recession began December, 2007. But the official end of the recession supposedly was June, 2009. As you can see in the above chart, regional home prices continued downward until early 2012. The bottom line? Our housing recovery was clearly delayed longer than many might suggest.
Inventory A Recovery Factor
This latest Portland area report indicates home prices are up 14.1% over the past year. Helping this upward trend is the continued low inventory of available homes for sale. Currently, our market would be out of properties to purchase…
View original post 97 more words