Portland, OR has seen a surge in home prices for February 2018 however, new reports also show that growth levels are creeping downward. Portland has been one of the most popular areas in terms of overall economic growth, leading to an increase in population.
"Home prices jumped 6.7% in February compared with a year earlier, according to the S&P CoreLogic Case-Shiller home price index, the smallest annual jump since October 2014," according to National Mortgage News.
"The Portland metro saw prices climb 0.4 percent during the month."
The jump in home prices is above the national year-over-year increase of 6.3%. Portland's success in the housing market hasn't always been as strong. In fact, the report claims that the Portland-area began seeing high levels of growth in 2016.
Portland also joined a long list of cities that saw solid increases in February, making for a solid month in home price increases. That being said, this seems to be a slower rate of increase than Portland had been seeing in the past couple of years.
"The slowdown could indicate Portland is be nearing its residents' outer limits of affordability," according to NMN.
"The increases in home prices have far exceeded gains in wages, and rising mortgage rates have further limited buying power.
What has continued to contribute to the rise in price is competition among buyers. Portland still has a strong demand for homes and it is leading to "bidding wars," much of which are taking place over affordable homes.
To learn more about Portland's home price increase for February 2018, click not he image above.