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Portland-area home prices up 12.8% in June

Portland-area home prices up 12.8% in June

for sale forest heights portland

A home for sale in the Forest Heights neighborhood, shown in 2008. (Stephanie Yao/The Oregonian)

Metro home-price increases have far exceeded the national average over the past 12 months, but the real estate website Zillow says they’re expected to slow to a more typical rate.

Home values in the Portland area rose 12.8 percent in the 12-month period ending in June, Zillow reported, reaching a median of $248,300. But the company expects metro prices will only gain another 5.2 percent of the next 12 months.

Nationally, home prices have risen 5.8 percent in the past year, and they’re expected to gain another 5 percent in the coming 12 months.

“Homeowners are feeling a sense of whiplash after years of depreciation, but this kind of market behavior won’t last,” Zillow senior economist Svenja Gudell said. “Investors are starting to pull out of some markets and regular buyers are coming back, and more inventory is slowly but surely coming on line, both of which will contribute to slowdowns in appreciation.”

Gudell added that double-digit price gains in areas like Portland are outpacing income growth and likely can’t be sustained.

In the Portland area, the biggest gains were reported in Aloha (17.3 percent), Milwaukie (17.3 percent) and Beaverton (17 percent).

— Elliot Njus

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