Portland-area home prices are up 12% year-over-year.
"Enjoy it while it lasts, because the housing market will undoubtedly look very different a few years down the road from how it appears now," Humphries said. "While we believe the housing recovery will remain strong, home value appreciation will slow down, and buyers in it for the short term could get burned if they assume home values will continue rising as they have unabated."
Zillow predicts Portland-area prices will rise 4.1 percent over the next 12 months, equal to its forecast of a 4.1 percent increase nationally.
Read more at OregonLive.com.