RealtyTrac data confirm Portland house prices are leveling
Note: This story has been updated to reflect a RealtyTrac correction of the periods monitored.
A day after the Case Shiller data informed us that home prices were slowing their ascent and returning to previous patterns, a housing data firm’s median price report shows prices in the Portland area and statewide were essentially flat from September to October.
In the Portland area, which includes Vancouver and the western suburbs, RealtyTrac said the median sale price for a single-family homes and condos was $268,800 in October, down just a shade from September’s level of $270,000. The median price was up 7 percent from October a year ago, when the median sale price was $252,000.
Nationally, RealtyTrac says the median price of homes and condos sold in October was $193,000 — the highest it’s been since September 2008, but still well short of 2006-level highs. In Oregon, the median price was $240,000 in October, essentially flat from a month earlier and up about 7 percent from October 2013.
A RealtyTrac executive points out that the housing market is driven less by traditional homebuyers and more by investors, and is moving up the price scale.
“As the lower-priced, often distressed inventory most appealing to investors dries up in a given market, investor activity will slow down in that market and move to other markets with more ideal inventory available,” said Daren Blomquist, RealtyTrac vice president, in a prepared statement. He said the house price recovery is rippling from such usual investor markets as Phoenix and California cities to such cities as Charlotte, Oklahoma City and Columbus, Ohio.