Tuesday, November 8, 2011

Bend home prices improving, Zillow says

Bend home prices, year to year, rose 3.1 percent to $192,700, according to the real estate website Zillow's Home Value Index.

That's good news, but Zillow also shows that it's far down from 2006, when the price was $383,000. In essence, we're at the same level as of January 2003.

Sisters also saw an uptick of 1.2 percent to $233,500.

La Pine, though, fell 5.8 percent to $114,700 and Redmond was down only 0.4 percent to $125,500.

Bend fell so far the fastest that it's not that surprising it is rebounding better than the other metro areas in the state.

While the Bend metro area was up a modest 1.7 percent to $174,500 (one of the few bright spots in the state), Portland was down 4.3 percent to $209,000, Salem plunged 7.5 percent to $154,400 and Eugene also dropped by 7.5 percent to $170,300.

Overall, Zillow says that, nationwide, nearly 29 percent of homes remain "underwater," meaning that more is owed on them than they're worth.

Zillow also reports we can see the bottom of this national housing mess, but we're not there yet.

1 comment:

  1. Thank you for posting this article. It is very much inline with what we are seeing in the Bend, OR real estate marketplace. The change is obvious in town, with buyers eager to tie up a home before a competitive buyer does. Who would have though back in 2006 a real estate market could fall this much, and last as long as it has? I am glad the "crash" is in the rear view mirror for 2012. Greg Broderick.