Bend area ranks 13 for home-price increase

In the 12 months ending June 30, Bend-area home prices increased nearly 11 percent, ranking the area 13th nationally, according to quarterly federal housing data released Wednesday.

The Portland metro area ranked third in the nation, with a 13.45 percent increase from the second quarter of 2015 to the second quarter of this year, according to a report from the Federal Housing Finance Agency.

It’s the second time in four quarters that the Portland, Vancouver, Hillsboro Metropolitan Statistical Area — made up of five counties in Oregon and two in Washington — has ranked higher than the Bend-Redmond MSA among the nation’s top 20 metro areas with the highest home-price appreciation. The Bend-Redmond MSA comprises all of Deschutes County.

The Salem MSA, made up of Marion and Polk counties, made the top 20 list for the first time in at least the last 10 quarters. It ranked 20th, with an increase of 10.18 percent over 12 months.

Boulder, Colorado, ranked first, with a 14.72 percent increase in home prices.

The Federal Housing Finance Agency’s quarterly All-Transactions House Price Index tracks home prices and refinancing loans for individual properties sold or guaranteed by Fannie Mae and Freddie Mac, the government-controlled mortgage-buying agencies. The agency reports the prices by state, region and metro area.

Oregon led all states, with an 11.7 percent increase from the second quarter of 2015 to the second quarter of this year. Washington finished second, at 10.3 percent; followed by Colorado, 10.2 percent; Florida, 10.0 percent; and Nevada, 9.6 percent.

Nationally, home prices rose 5.6 percent during that period. But the agency sees signs that the increase in home prices has started to slow, Andrew Leventis, the Federal Housing Finance Agency’s supervisory economist, wrote in a news release accompanying the report.

“A close look at the month-over-month price changes during the quarter reveals a potentially significant market shift,” Leventis wrote in the news release. On a monthly basis, the increase in home prices nationally was 0.2 percent each month in the second quarter.

“This is a much more modest pace of appreciation than we’ve seen in some time,” he wrote, “and most likely reflects accumulated pressures from significantly reduced home affordability.”

Source: BB Real Estate – topStory

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