Home prices in the Portland, Ore., area rose last year at their slowest rate since 2012.
Prices were 3.9% higher in December than a year earlier, according to the
Portland as recently as 2016 led the nation in rising home prices, but its gains now lag the nation as a whole, which saw prices climb 4.7% over the course of last year.
Metro home sales have slowed, as well, and the number of homes on the market has climbed as a result.
Housing markets across the county are seeing price increases slow. The cool-off comes as prices in some of the most expensive markets, like Portland and Seattle, appear to have exceeded the capacity of the average resident to pay for a typical home.
Mortgage rates also spiked in November and December, taking a bite out of buying power. Rates have since retreated to their lowest level in more than a year, with the average 30-year mortgage rate hitting 4.35% last week.
In December, Las Vegas had the nation's fastest-growing home prices, at 11.4% year-over-year. It was followed by Phoenix (8%) and Atlanta (5.9%). Each of the 20 cities included in the index saw prices climb on an annual basis.
The Case-Shiller index uses repeat sales of the same homes to measure changes across the market. Its numbers reflect a three-month rolling average.
The Portland area's median sale price was $390,000 in December, according to the Regional Multiple Listing Service. It fell slightly to $384,900 in January.
