Home sales surge in Portland

More people are buying homes and condominiums in the Portland, Oregon metropolitan area, perhaps indicating that region's growing popularity among relocating families.

During June, there were 3,008 new and resold single-family homes and condos sold in the Portland-Vancouver-Beaverton area, reported real estate data firm MDA DataQuick. That was a 5.2 percent increase from May, when 2,859 homes were sold, and 11.3 percent better than June 2009, when 2,703 properties changed hands. Most of the buyers - about 37.4 percent - were first-time homebuyers using mortgages that are insured through the Federal Housing Administration, said the report.

While some homeowners are still taking advantage of discounted foreclosed properties, that market seems to be fading somewhat in this Northwest region. Exactly 18 percent of the homes sold here in June were foreclosures, down from 18.8 percent in May and 18.6 percent a year earlier, said the report.

Many might be drawn to living in Portland because of the city's reputation as being progressive and trendy, said Kiplingers. That publisher listed Portland as one of the top 10 cities for young adults to move to in a July report.



More News