Portland Housing Update. Are things OK?


Oregon Office of Economic Analysis

The Portland Business Journal ran a special edition on residential real estate in last week’s print edition. I was asked for my thoughts on the market, which are similar to our previous work, and reproduced below. If you can get a copy, there are additional comments and insights from local economists and housing industry experts.

First, prices are booming and and the median sale price, as reported by RMLS, is effectively back to an all-time high. Rents have never been higher. However these gains are driven by the fact that housing demand and household formation have returned to normal but the number of homes for sale or rent, both existing and new, have not. From this high level perspective it’s simple supply and demand. Demand is up considerably from the depths of the Great Recession while housing inventory is not. That’s a clear recipe for rising prices.

HousingRMLS

While new construction…

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Job Growth Across Oregon


Oregon Office of Economic Analysis

What follows is a mostly graphical update on the landscape of jobs across Oregon. As mentioned in the previous post on the state more broadly, Oregon is near full-throttle rates of growth. This acceleration has largely come from the pick-up in the state’s second tier metros — Bend, Corvallis, Eugene, Medford and Salem — all of which are growing at good to excellent rates today.

Of course Portland, and the Columbia Gorge, turned the corner first and regained their recessionary lost jobs ahead of other areas. But these second tier metros are now not far behind. Nonmetro, or rural, Oregon has likewise seen big improvements. While rural Oregon is now growing about as fast as it did during the housing boom, effectively 2 percent, it is still digging out from the Great Recession.

ORMetroNonmetro215On an individual county basis, the share adding jobs at all and at various strengths of growth…

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