Friday, January 20, 2017

Portland Saw Highest Increase in Home Prices, Second Highest Increase in Rents in 2016

A new report by Zillow ranks Portland #1 in the US for home price increases, and #2 (after Seattle) for rent increases. The numbers are based on December prices year-over-year. The average metro area home sold for $354,400 in December 2016, a 13.8% increase from December 2015. Average rent in the metro area was $1,805, a 6.8% increase from the year before. Both Zillow and the State of Oregon are predicting that these rates are not likely to be sustained through 2017. Josh Lehner with Oregon's Office of Economic Analysis has recently stated that additional apartment supply is causing the rate of rent increases to flatten. Read more.