Case-Shiller Numbers Begin to Settle – Portland Ranks Mid-Pack

Those looking for a glimpse of blue sky amid the cloud layer covering the housing market may catch a peek today, based on April 2009 results of the Standard & Poors Case-Shiller Home Price Index.

The index shows that price declines were slowing in the 10 and 20-City composites. On average, major metro areas have seen 18% annual decreases in home values, but the month-over-month declines are slowing.

By comparison, Portland registered a record 16%, one-year decline in home values. The result is a little better than the overall average, and ranks 8th in the 20-city survey. April’s -0.6% decline over March was better than March/February’s -2.1% dip. Home prices in Portland are now comparable to those of May 2005. Nationally, prices are closer to mid-2003 vintage.

From David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s:

“While one month’s data cannot determine if a turnaround has begun; it seems that some stabilization may be appearing in some of the regions. We are entering the seasonally strong period in the housing market, so it will take some time to determine if a recovery is really here. The stock market bottomed in March and measures of consumer confidence have turned upward. This report shows that these better spirits are also appearing in the housing market”

Case-Shiller Home Price Index – April 2009

(Sorted by 1-year % change)


Metropolitan
Area
April 2009
Level
April/March
Change (%)
March/February
Change (%)
1-Year
Change (%)
Denver
122.17
1.50%
0.10%
-4.90%
Dallas
114.39
1.70%
0.10%
-5.00%
Boston
146.45
0.40%
-2.00%
-7.70%
Charlotte
118.69
-0.50%
0.30%
-10.00%
Cleveland
98.07
1.20%
-0.90%
-10.50%
New York
170.33
-1.70%
-2.60%
-12.50%
Atlanta
105.36
0.30%
-1.50%
-14.80%
Portland
146.85
-0.60%
-2.10%
-16.00%
Seattle
149.38
0.20%
-2.00%
-16.80%
Washington
167.30
0.80%
-1.30%
-16.90%
Chicago
122.30
0.00%
3.10%
-18.70%
San Diego
144.43
-0.10%
-1.50%
-20.00%
Los Angeles
159.37
-0.90%
-1.40%
-21.30%
Tampa
140.41
-0.70%
-2.70%
-21.30%
Minneapolis
108.63
-0.70%
-5.90%
-22.10%
Detroit
69.92
-1.50%
-4.90%
-25.40%
Miami
145.77
-2.00%
-3.60%
-27.30%
San Francisco
118.46
0.60%
-2.20%
-28.00%
Las Vegas
112.39
-3.50%
-3.80%
-32.20%
Phoenix
104.45
-2.20%
-4.50%
-35.30%
Composite-10
150.34
-0.70%
-2.10%
-18.00%
Composite-20
139.18
-0.60%
-2.20%
-18.10%

Full details can be found at www.homeprice.standardandpoors.com.

June 30, 2009 · Filed Under Forecasts, Market Activity, National News

Comments

One Response to “Case-Shiller Numbers Begin to Settle – Portland Ranks Mid-Pack”

  1. Uncle_Git on July 7th, 2009 9:30 am

    It’s pretty typical during spring for the market to be a bit buoyed – these numbers are lagging by 2 or 3 months so Case Schiller is pretty much representing peak season here – with prices still falling.

    I’d be interested to see some kind of breakdown of sales as to the values of the properties moving.

    From watching California the way it played out was the low end crashed first, with the high end holding on longer – but very little moving. Now it’s tanking and sales have picked up slightly in the lower end of the market (< $250k) as value returned though price depreciation.

    It’ll be interesting to see if Portland follows the same path. Our foreclosures are starting to crank up as we approach 20% declines from peak – people who are underwater and facing resets will be taking a long hard look at their options. With Portland approaching 13% unemployment the outlook isn’t exactly requiring shades….

    I did note that CAR announced they had a “Data snafu” with their sales data in So Cal and will be revising the spring sales numbers down by 85%. Yes you read that right – 85%.

    Funny how the “data snafu” happened at peak season just in time to push a few fence sitters off the fence by giving the impression the market was turning.

    If I was the suspicious type…..

Leave a Reply




CAPTCHA Image
*