The Oregonian’s weekly look at the numbers behind the state’s economy. View past installments here.

Oregon spent half a decade as one of the nation’s hottest housing markets, with home prices soaring by up to 10% annually for much of the stretch from 2013 to 2018.

Now, for the first time since 2012, home prices are rising faster nationally than they are in Oregon.

Growth in Oregon home prices dipped below 5% in each of the first two quarters of the year, less than half their growth rate at the end of 2016, according to data from the Federal Housing Finance Agency. The growth rate has cooled nationally, too, but not nearly as fast.

Home prices in the Portland area have been growing more slowly than the national rate for some time now, but statewide numbers hadn’t fully reflected that slowdown – until now.

The Oregon slowdown reflects a cooling economy and declining population growth as fewer people move into the state. Slower growth in housing prices means homes may be affordable, provided incomes keep growing.

This hasn’t happened yet, though. While rent increases in the Portland area have moderated, overall housing costs are still going up much faster than incomes – both in the metro area and in the rest of the state.

In Portland, more than half of those who rent are “cost burdened” – defined as those having rents that consume more than 30% of their paychecks.

The new data on home prices indicate the housing crisis is easing for aspiring homeowners, but the numbers indicate pressures remain.

-- Mike Rogoway | twitter: @rogoway | 503-294-7699