Portland Bucks Trend As Home Prices Surge Nationwide
In the dynamic landscape of real estate, Portland, Oregon, stands as the exception with a 0.6% dip in home prices in October, contrasting with the upward trend seen across the CoreLogic S&P Case-Shiller Index.
According to Selma Hepp, Chief Economist at CoreLogic, the national home prices, as indicated by the index, have witnessed a remarkable 7% surge since the year’s commencement. Impressively, they now stand 1% higher than the peak recorded in 2022, fully recovering losses incurred in the latter half of the same year.
Hepp notes, “Given the robust seasonal gains observed in early 2023, we anticipate a further acceleration in annual home price appreciation throughout the winter months, with expectations of a gradual slowdown in the coming year.”
This trend signifies a broader nationwide narrative of resilience and growth in the real estate market, with Portland being the notable outlier in this upward trajectory. As we navigate the intricate dynamics of the housing market, the coming winter months are poised to witness an intensified surge in home prices before a projected moderation in the pace of appreciation in the year ahead. Stay tuned as we closely monitor these shifts in the real estate landscape.
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