Housing prices continue to recover, according to the latest figures from the S&P Case-Shiller Home Price Indices.
Prices in the 20 cities Case-Shiller covers increased by an average 3.6 percent over last year. Portland closely tracked that figure with home price increases of 3.7 percent.
David Blitzer, the chairman of the Index Committee at the S&P, says six months of home price increases show housing is getting back to normal.
He explained, “And normal for housing means that on average, across the whole country, home prices probably go up the rate of inflation plus one or two percent or minus one or two percent a year. They don’t go up at 10 or 20 percent a year.”
Seattle’s rebound is a little higher than Portland’s, with home prices increasing 4.8 percent over the last year.
Phoenix, which had a severe depression in prices, is now leading the recovery with an increase of more than 20 percent. New York was at the other end of the spectrum with price declines of 2 percent.