Rising home prices slowing down

Rising home prices slowing down

Portland-area home prices rose 1.9% in June for the month and 11.8% year-over-year.

But for the second month in a row in Portland, those year-over-year gains are beginning to slow. It's a trend now being seen nationwide, where only six cities saw home-price gains accelerate in May. And 13 out of 20 cities saw home price gains weaken in what’s usually a seasonally strong month, said David M. Blitzer, chairman of S&P’s index committee.

“As we are in the middle of a seasonal buying period, we should expect to see the most gains,” Blitzer said. "With interest rates rising to almost 4.6 percent, homebuyers may be discouraged and sharp increases may be dampened.”

Read more at OregonLive.com.