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Home prices in all nine U.S. Census divisions combined to rise by 4.1 percent from March 2014 to March 2015, according to a recent . San Francisco led the nation with a 10.3 percent year-over-year gain; Portland’s gain was 6.9 percent and Seattle’s was 7.5 percent.

David Blitzer, managing director of the Index Committee for the S&P Dow Jones Indices, described the trend as a rebound in prices, and not a bubble.

鈥�Home prices are currently rising more quickly than either 鈥� personal income or wages, narrowing the pool of future homebuyers,鈥� Blitzer said in a statement. 鈥淎ll of this suggests that some future moderation in home prices’ gains is likely.鈥�

There are several reasons why Portland has a tight housing market, said Chris Suarez, principal broker and CEO of PDX Property Group.

鈥淪ellers have been waiting to put their home on the market as the values recover and they have enough equity to sell their home and be able to get their next place,鈥� he said. 鈥淪ome sellers believe that values may continue to rise at a quick pace, and they don’t want to lose the opportunity for equity gain in the current home.鈥�

The Portland market has seen six consecutive quarters of 鈥渄ecelerating increases in home prices,鈥� according to Suarez. That points to a stabilizing market, he said.

鈥淚t tells us that our market is getting back to a healthy and historic 3 to 4 percent increase in home values yearly,鈥� he said. 鈥淚 believe by the end of 2015鈥�we will be very close to that with a 4 to 5 percent increase in value.鈥�

But there’s a decrease in new construction locally, Suarez said, because of urban growth boundaries and land use limitations.

鈥淲e will continue to have a shortage of homes based on our population increases and household formation until those regulations loosen a bit or more land gets brought into the boundaries to build,鈥� he said.

Multnomah County needs between 1 million and 1.2 million new single-family homes built each year, Suarez said, but only about 700,000 are being constructed during this multifamily construction boom. But that doesn’t worry Suarez.

鈥淟ooking at population expectations in the city for the next 10 years, I don’t think we have overbuilt the rental market,鈥� he said.