Portland-Area Home Prices Increase Again; Market Bottomed Out in February?

On the heels of yesterday's report that home sales increased in the Portland area in July 2011, compared to July 2010, comes more good news. The Regional Multiple Listing Service released its monthly report, and in it they announced that the median home sale price in the Portland area in July was $227,200. That's down from the same month last year, but it's actually a 1.9 percent increase from June's median price ($222,900).

In fact, home prices have been slowing increasing since February. The steady rise of the last few months indicates that home prices, which had been consistently falling for nearly four years, may well have bottomed out five months ago, with the increases since then perhaps a sustainable rebound.

Prices are still lower than the same time last year, meaning we're not entirely out of the woods yet, but it is a good indication that, assuming the price trend continues, the worst times may be in the past.

Also, prospective buyers who have been waiting for the market to bottom out in order to get the best deal possible, that time may have come and gone. It's worth looking into the current available housing, as it could be the cheapest we see for some time. (Especially with affordability at an all-time high.)