Portland area home prices rise faster than U.S. average

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    Portland-area home prices rose 15.5 percent in July compared with a year ago and 1.9 percent from June.

    The gains, reported Tuesday by the data firm CoreLogic, outpaced the nationwide average. U.S. home prices were up 12.4 percent year over year and 1.8 percent for the month.

    Home prices have made record gains this year in their rebound from housing-crash lows. They’ve been boosted by a small supply of homes for sale, pent-up demand from buyers who waited out the crash and low mortgage rates.

    But the year-over-year gains are expected to slow as mortgage rates rise and as seasonal demand slows, CoreLogic said.

    Excluding foreclosed homes and homes in short sales, prices in the Portland area were up 13.6 percent from a year earlier and 1.5 percent compared with June.

    Observers have said sales tinged by foreclosure have exaggerated other measures of home-price appreciation. Such properties once sold for a deep discount relative to other homes, but that price slashing has declined as the market has improved.

    — Courtesy of Elliot Njus, Oregonlive.com

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