People continue moving to the Portland area.
The unemployment rate is low and wages have increased.
And while buyers might not see it, Portland is still relatively affordable compared to other West Coast cities like Seattle or San Francisco.
“The supply of housing just has not kept up, ” said Tim Duy, the Director of Oregon’s Economic Forum.
“The consequence is housing prices are rising quite rapidly, certainly the regions prices are above their bubble peak and really see no sign of slowing down,” said Duy.
There are some headwinds on the horizon.
Interest rates are expected to rise over the next few years, which will make mortgages more expensive.
The economic expansion is also looking relatively long-in-the-tooth, so economists say at some point, there will be an economic downturn.