Case-Shiller: Home prices rise, but at slower rate

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A home under construction is already sold in the Arbor Oaks development, shown in 2012. (Michal Thompson/The Argus)

Elliot Njus | enjus@oregonian.comBy Elliot Njus | enjus@oregonian.com 
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on May 27, 2014 at 6:47 AM, updated May 27, 2014 at 9:58 AM

But recent months have shown those increases have limits. Still, higher home prices and the low inventory might be starting to slow those sales. Sales numbers have weakened in recent months compared with last year.

Mortgage rates were expected to rise in 2014 as the Federal Reserve eased its efforts to keep interest rates low, though so far they’ve remained historically low. Banks are maintaining strict lending standards, which may also weigh on sales.

The diminished influence of foreclosed homes may also be influencing the numbers. Such homes once sold for large discounts, but in a more active market, those homes grew more expensive and accounted for a smaller share of the market, which boosted the average price.

Nationally, home prices are back to pre-housing crash levels of spring 2004.

The Case-Shiller index for March is based on three months of data and released on a two-month delay. It uses repeat sales of the same home to estimate home-price changes across the entire market.

The median price for a home sold in Portland in March was $277,500, according to the Regional Multiple Listing Service. That rose to $280,000 in April.

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