The Federal Reserve's San Francisco chief spoke in Portland, saying that scaling back bond purchases this year and stopping them next year is the best course of action.
Portland-area home prices rose 15.5% in July compared to a year ago, and 1.9% since a month ago.
Construction and condo prices are bouncing back along Portland's waterfront.
Portland-area home prices rose 1.9% in June for the month and 11.8% year-over-year.
Besides Portland, Oregon's metro areas are growing more slowly than normal as recovery stumbles.