Last week, the Home Builders Association of Metropolitan Portland (HBA) released a report about the status of the Portland metropolitan area’s current housing market. The consensus is that the market is slowly showing signs of improvement as we enter the Spring/Summer home-buying season.

Here is a snapshot of the various ways in which the local housing market is improving:
- In May, the Associated Press (AP) reported that an index of builders’ confidence jumped the highest it has in five years. This jump is attributed to the fact that buyers are capitalizing on lower prices and incentives as well as lower interest rates and tax credits available in today’s market.

- New Home Trends reported 43.5 percent fewer unsold available spec homes between April 2008 and 2009. A major indicator of the balance between supply and demand is the remaining months of unsold spec inventory left. This figure dropped 12.5 percent and is now down to 6.7 months. In addition, the National Association of REALTORS^® (NAR) reports the number of homes under contract rose 3.2 percent last month.

- According to the National Association of Home Builders (NAHB), 600,000 people have taken advantage of the new home buyer tax credit.

- A Gallup Poll taken last month reported that 71 percent of Americans said that NOW is a “good time” to buy a house. This is an increase of 18 percent from a year ago and marks the HIGHEST LEVEL in four years!

- The HBA’s 3^rd Annual Ultimate Open House New Home Tour in the Portland metropolitan area was also a tremendous success! 81 percent of builders and developers that participated in the event, reported more than double the amount of traffic of an average open house weekend. Additionally, 56 percent of builders reported at least triple the traffic of an average open house, and almost 20 percent sold a home during – or as a result of – the Ultimate Open House New Home Tour.

- This year was also the first year high-rise condominiums were included in the Ultimate Open House New Home Tour, and the public response to the homes was exceptional! The condos received more than 1,000 visitors each of the two weekends of the event, and developers made several sales as a result of the increased traffic. According to the HBA, this bodes well for its first ever Urban Street of Dreams, which will feature five buildings and 10 luxury condos in Portland, Oregon’s upscale Pearl District.

- On May 15, 2009, The Oregonian reported that home sales in the Portland metropolitan area sharply increased to approximately 1,300 in April, from just 732 homes sold in January.

The bottom line? The current housing market is beginning to turn around! Between today’s historically low interest rates and the decreased housing prices, NOW is the time to buy a new home in the Villebois Village Center.

For information about the current housing marketing in the Portland metropolitan area and/or to learn more about the latest homes on the market in Wilsonville, Oregon, visit Villebois.com. Or call 866.580.2836 or email Blog@CostaPacific.com.

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