Federal report shows values increased 5.73% from Q2 2018 to Q2 2019
Home prices across the nation continued to rise in the second quarter with those in Deschutes County increasing 5.73% over prices in the second quarter of 2018, according to a federal report released Tuesday.
The Bend-Redmond Metropolitan Statistical Area, which comprises all of Deschutes County, ranked 88 for the highest one-year increase in home prices out of 241 metro areas nationwide, according to the Federal Housing Finance Agency’s House Price Index.
“House prices rose again in all states and the top 100 metro areas, but the pace of growth has slackened,” William Doerner, the agency’s supervisory economist, said in a news release. “The majority of states and cities are experiencing slower house price gains than they did a year ago, even with (a) constrained housing supply and extremely attractive mortgage rates.”
In a separate report released earlier this month by the Beacon Appraisal Group of Redmond, the median price in July for a single-family home hit a record $470,000 in Bend. In Redmond, it was $315,000.
The Federal Housing Finance Agency produces the nation’s only free, publicly available report that measures changes in single-family home prices in all 50 states and more than 400 cities.
Boise, Idaho’s, MSA had the highest price increase, 13.63%, in the nation from the second quarter of 2018 to the same quarter this year, which ended June 30.
Two other Oregon metro areas ranked higher than the Bend area. Salem finished 55, with prices rising 6.56% year over year, and Eugene-Springfield ranked 65, with an increase of 6.33%. The Medford MSA came in at 123, with an increase of 5.03%, and the Portland-Vancouver-Hillsboro metro area ranked 190, with a 3.38% price increase.
Home prices in the Albany-Lebanon MSA increased 9.70% from the second quarter of 2018 to the same quarter this year, according to the report. But it was not included in the national ranking. Neither was the Corvallis metro area, which saw prices increase 8.06% in the same time period.
Boundaries of many metro areas extend beyond the cities for which they are named. For example, the Portland metro area comprises five counties in Oregon and two in Washington.