Oregon home appreciation in top 5 nationally

September 6th, 2006

Although the pace is decelerating, the Northwest (and west in general) shows better-than-average home appreciation results. Today’s Oregonian reports that home prices in Oregon rose 19.5% over the previous 12 months with the quarter ending on June 30, 2006.

A report from the Office of Federal Housing Enterprise Oversight shows the national average appreciation rate to be 10.06% compared to the 2nd quarter last year.

The top 5 states and their 1-year appreciation rates:

1. Arizona - 24.05%
2. Florida - 21.28%
3. Idaho - 20.14%
4. Oregon - 19.47%
5. Hawaii - 18.09%

With seven spots in the top 10, Western U.S. states dominated the top 20 positions, including Washington, New Mexico, Utah, California, Wyoming, Alaska, Montana, and Nevada above the national average of 10%. Colorado was the only Western state in the bottom half, weighing in at 4.20%.

However, more recent data from the local multiple listing service suggests that we aren’t immune to slowdown effects. The median price for a Portland-area home actually fell between June and July, the first time since 2002 that the June/July period had a decline. Inventories and interest rates are up over this time last year, suggesting some price softening, especially for anxious sellers. Analysts expect home sales nationally to drop by about 10 percent this year.

The fastest growing prices are found in North Carolina, South Carolina, and Washington state. Interestingly, the Bend-Redmond area showed 36.7 percent appreciation over a year ago, the highest appreciation rate of the 275 areas ranked in the report.

Resources:

• Office of Federal Housing Enterprise Oversight report
• Full Oregonian story

Photo of Salmon Street Springs by taminsea1. Used under Creative Commons license.

Technorati Tags: appreciation, trends, housing, Portland

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Entry Filed under: Forecasts, Market Activity, National News