Portland-area home prices continued to climb for a seventh straight month in July. That's according to the latest S&P Case-Shiller Home Price Indices report.
Over the last year, home prices have climbed more than 12 percent. But, there are some signs that growth could be slowing.
Portland home prices were up 1.6 percent in July - just below than the 1.9 percent reported in June. And Portland wasn't alone in that regard. In fact, all the cities included in this month's report saw home prices go up. But most of those areas, like Portland, saw slower growth compared to June.
David Blitzer, chair of the index committee at S&P Dow Jones explained, "Since May, interest rates in general and mortgage rates in particular, have been going up. And we've began to see some impact both in housing and the general economy."
He expects mortgage rates will creep up even further as the Federal Reserve winds down its massive bond-buying program known as quantitative easing. Still, he expects home prices will continue to rise over the next year, just not as rapidly.
This story originally appeared on Oregon Public Broadcasting.