It’s no longer just a slowdown: Portland-area home prices have begun to slide after a long post-recession boom, according to one industry measure.An index from the real estate website Zillow says the area’s median home value reached a peak $399,300 in February. It’s since fallen ever so slightly to $397,400 in April.The decline is small, but the index uses a rolling average and seasonal adjustment to iron out volatility. Prices remain 3% higher than they were a year earlier, but the company’s seasonally adjusted index has shown declines for two months in a row. Before March, the last time Zillow reported a decline in metro home prices was February 2012.Home prices have slowed across the country but overheated West Coast markets have seen a more dramatic turnaround. According to Zillow, home values in Southern California, the Bay Area and Seattle all turned negative before Portland.The decline is a sign of lingering volatility from the housing bubble, the subsequent bust and the rapid rebound, said Zillow economist Skylar Olsen.The rebound pushed prices out of reach for the typical homebuyer, she said.“We’re talking about an affordability issue and demand being unable to keep pace,” Olsen said.After prices bottomed out in the crash,… Read full this story
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