PORTLAND -- The latest housing numbers suggest Portland home values could be on the rebound.
The percentage of home sales in the Portland market has gone up 8.3 percent compared to sales in 2012, with an average selling price of $287,700.
“It's always market dynamics, supply and demand. Supply is way down and demand is high,” said Brian Allen-Windermere with Cronin & Caplan. “Interest rates are low, so that's what's pushing prices up right now.”
Underwater mortgages were down to about 17.7 percent in the fourth quarter of last year. That's down slightly from 18.2 percent the previous quarter.
Also, the delinquency rate of mortgage loans 90 days or more past due has dropped.
Appreciation, on average, in the metro area is around five percent, analysts said. It's higher in neighborhoods located near Portland’s city center, at about ten percent.
Many realtors said they’re getting multiple offers on homes, which has also driven up prices.
The latest national figures for January showed sales and prices at their highest since 2006.