Riddle me this: How can home sales grow when we have no homes to buy?When a monthly home sales print fails to meet expectations the excuse often used is that inventory is too low to meet the demand.
Portland Keeps Top 3 Spot Among US Cities With Rising Home Values
Portland-area homes posted annual gains at the third-fastest rate in the country in September, according to the monthly Standard & Poor's/Case-Shiller home price index, released Tuesday.
Houses in the region increased in value by 10.1 percent from September to September, the report found. For the second-straight month, only home values in Denver (10.9 percent) and San Francisco (11.2 percent) increased more quickly. Dallas (9 percent) and Seattle (8.2 percent) were next in line.
Between August and September, Portland home values grew at a 0.8 percent clip, faster than anywhere else other than Miami (0.9 percent).
The national market posted 4.9 percent year-over-year gains in September and a monthly gain of 0.2 percent.
"Home prices and housing continue to show strength with home prices rising at more than double the rate of inflation," said David M. Blitzer, managing director of the index committee, in a news release. "The general economy appeared to slow slightly earlier in the fall, but is now showing renewed strength."
Svenja Gudell, chief economist at Zillow, wrote in an email that the data shows "stabilization, if not quite normalization, in the U.S. housing market."
"Sellers may be singing the praises of the season, but buyers could be left grumbling 'Bah, Humbug,' because the market is acting more Grinch-like for renters and others looking to buy a home right now," Gudell said.
Gudell added that rising home values and rents can make saving for a down payment "very difficult, and continued shortages in for-sale homes means even qualified buyers with decent savings are often left out in the cold."
The Regional Multiple Listing Service found earlier this month that the Portland region posted 2,996 pending sales last month, the most of any October since 2005. The average sale price was $360,000, the report found, a 7.3 percent year-over-year increase.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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