Now we see a market that has settled in a bit. Values are still on the rise, but inventory has also risen bit. The median priced home throughout the Portland-Vancouver metro is now barely affordable by the median income earner. This has led to a more sensible market.
We are not in a declining situation but rather the rate of growth is just a little slower. We will probably experience a modest and more "normal" rate of appreciation this next year, perhaps in the 4-6% range. This represents a very healthy and sustainable market. These jack-rabbit hops in prices due tend to create bubbles when they last too long. I am relieved to see than the run up in values has subsided and we are calming the pace to sustainable levels.
|Zillow Graph for Vancouver, WA|