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Bend home prices jump nearly 20 pct. in year

By KTVZ.COM news sources
Published On: May 07 2013 01:24:07 PM CDT
Updated On: May 08 2013 02:33:06 AM CDT
New home in NE Bend

Barney Lerten/KTVZ.COM

Rising demand and rising home prices are resulting in some long-stalled subdivisions coming back to life, such as the Woodhill Park neighborhood in NE Bend

BEND, Ore. -

After a rough several years, Bend-area home prices are rising at nearly twice the U.S. average – up nearly 20 percent over the past year, according to data released Tuesday by CoreLogic.

The data shows home prices in the Bend metro area (defined as all of Deschutes County) rose by 19.8 percent in March of this year, compared to this same time last year. On a month-over-month basis, home prices increased by 3.3 percent from February to March, the firm reported.

CoreLogic reports that U.S. home prices increased by 10.5 percent in March 2013 from a year earlier, the biggest year-over-year increase seen nationally in seven years, since March 2006. On a month-over-month basis, national home prices increased by 1.9 percent from February to March.

CoreLogic data indicates April home prices are expected to rise by 9.6 percent on a year-over-year basis and 1.3 percent from March’s figure.

Highlights as of March 2013:

  • Including distressed sales, the five states with the highest home price appreciation were: Nevada (+22.2 percent), California (+17.2 percent), Arizona (+16.8 percent), Idaho (+14.5 percent) and Oregon (+14.3 percent).
  • Including distressed sales, this month only four states posted home price depreciation: Delaware (-3.7 percent), Alabama (-3.1 percent), Illinois (-1.8 percent) and West Virginia (-0.3 percent).
  • Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+20.8 percent), California (+16.8 percent), Idaho (+16.3), Arizona (+15.1 percent) and Hawaii (+14.3 percent).
  • Excluding distressed sales, no states posted home price depreciation in March.
  • Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to March 2013) was -25.1 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -18.3 percent.
  • The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-49.2 percent), Florida (-42.8 percent), Michigan (-38.9 percent), Arizona (-37.8 percent) and Rhode Island (-36.2 percent).
  • Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 88 were showing year-over-year increases in March, down from 92 in February.

*February data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

Meanwhile, Compass Commercial noted Tuesday that the Bend metro area is fast becoming one of the best places to open a restaurant.

According to Nielsen’s recently released Restaurant Growth Index report, Bend ranks at No. 155 out of 500 U.S. metropolitan areas, using an RGI score calculated on each area's total restaurant sales and sales as a percent of per capita income, compared to the nation as a whole.

Compass Commercial also noted its role in several recent Bend leases, including Old Mill Brew Werks moving into the former Brickhouse space at 803 SW Industrial Way; Meanwhile, Brickhouse has moved to the Firehall building in downtown Bend.

Also, the former Shanghai Restaurant site on NE Division Street has become a new home of El Rey Azteca Mexican Restaurant and Cantina, owned by the Reyses family, which also operates Reyes Tortilleria on SE Division Street.

Redmond also is seeing new restaurants open, they said; a former sports bar and restaurant site at Redmond Town Center is the new home of McBain's Fish and Chips.

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