Case-Shiller Shows Portland Prices Off 14%

Standard and Poor’s Case-Shiller index released this morning shows Portland’s home values slipped 14 percent when comparing January 2009 to January 2008. The Portland index is down 3 percent from December alone, and the trend appears to be accelerating.

Remember, the Case-Shiller index reports data from two months back, and it will be interesting to see if the index flattens out in a month or two as the RMLS date did for the month of February. Portland home prices in the index are 17.5% lower than the peak prices of the summer of 2007.

By comparison, Portland is in the middle of the the pack for the 20-city index, and despite the record monthly decline, moved up in the index compared to others. Seattle is down 15 percent annualized and -3.6% for December to January. Overall, the index has declined 19.4% in the 12-month period.

Case-Shiller Report (January 2009)

Metro Area      Jan-09  Dec08-Jan09   Jan08-Jan09    Jan07-Jan09
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Phoenix         117.11     -5.5%        -35.0%          -46.8%
Los Angeles     166.54     -2.8%        -25.8%          -38.0%
San Diego       148.25     -2.6%        -24.9%          -37.5%
San Francisco   124.33     -4.4%        -32.4%          -41.3%
Denver          122.33     -2.7%        -05.1%          -10.0%
Washington      171.97     -2.0%        -19.3%          -28.0%
Miami           159.04     -3.6%        -29.4%          -43.1%
Tampa           149.21     -4.4%        -23.3%          -34.8%
Atlanta         109.44     -3.2%        -14.3%          -18.0%
Chicago         130.80     -4.6%        -16.4%          -21.9%
Boston          150.73     -1.5%        -07.3%          -10.4%
Detroit          77.56     -4.2%        -22.6%          -34.2%
Minneapolis     120.18     -4.7%        -20.4%          -28.4%
Charlotte       120.91     -1.2%        -08.2%          -06.6%
Las Vegas       125.64     -4.4%        -32.5%          -45.5%
New York        181.28     -1.2%        -09.6%          -14.8%
Cleveland       102.89     -2.2%        -05.2%          -13.3%
Portland        153.80     -3.0%        -14.0%          -14.5%
Dallas          112.75     -2.4%        -04.9%          -08.1%
Seattle         154.37     -3.6%        -15.0%          -16.1%
Composite-10    158.04     -2.3%        -19.2%          -28.6%
Composite-20    146.40     -2.5%        -19.4%          -27.6%

The Case-Shiller report can be read here.

March 31, 2009 · Filed Under Forecasts, Market Activity

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