-
Your Host
re:PDX is written by Ron Ares, broker and market analyst affiliated with M Realty LLC in Portland, Oregon.
Phone: 503-460-7992
Follow Along
Subscribe in a reader
Portland Values Plateau in Case-Shiller Index
Like other markets across the nation, Portland’s housing values have leveled some as the peak purchasing season has arrived, according to today’s Case-Shiller Index report.
Portland showed the ninth-best price performance in the index with a -16.3% decline over the past 12 months. Seattle is close behind at -16.6%. The Las Vegas and Phoenix markets have lost another one-third of their property values in the past 12 months, and are down over 50% from the peak of the market. Ouch.
Here is the index report, sorted by 1-year performance.
| Metropolitan Area | May-09 Level |
May/April Change (%) |
April/March Change (%) |
1-Year Change (%) |
| Dallas | 116.54 | 1.90% | 1.70% | -4.10% |
| Denver | 123.78 | 1.30% | 1.50% | -4.60% |
| Cleveland | 102.11 | 4.10% | 1.20% | -6.20% |
| Boston | 148.77 | 1.60% | 0.40% | -7.20% |
| Charlotte | 119.80 | 0.90% | -0.50% | -10.00% |
| New York | 170.51 | 0.00% | -1.60% | -12.20% |
| Washington | 169.49 | 1.30% | 0.80% | -14.90% |
| Atlanta | 105.69 | 0.30% | 0.30% | -15.00% |
| Portland | 146.97 | 0.10% | -0.60% | -16.30% |
| Seattle | 148.96 | -0.30% | 0.20% | -16.60% |
| Chicago | 123.68 | 1.10% | 0.00% | -17.50% |
| San Diego | 145.06 | 0.40% | -0.10% | -18.50% |
| Los Angeles | 159.18 | -0.10% | -0.90% | -19.80% |
| Tampa | 140.35 | 0.00% | -0.70% | -20.80% |
| Minneapolis | 109.77 | 1.20% | -0.80% | -21.70% |
| Detroit | 70.05 | 0.20% | -1.50% | -24.50% |
| Miami | 144.59 | -0.80% | -2.00% | -25.20% |
| San Francisco | 120.16 | 1.40% | 0.60% | -26.10% |
| Las Vegas | 109.49 | -2.60% | -3.50% | -32.00% |
| Phoenix | 103.56 | -0.90% | -2.20% | -34.20% |
| Composite-10 | 151.00 | 0.40% | -0.70% | -16.80% |
| Composite-20 | 139.84 | 0.50% | -0.60% | -17.10% |
From the report:
“The pace of descent in home price values appears to be slowing” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “There is a clear inflection point in the year-over-year data, due to four consecutive months of improved rates of return, after the steep decline that began in the fall of 2005. In addition to the 10-City and 20-City Composites, 17 of the 20 metro areas also saw improvement in their annual returns compared to those of April. Looking at the monthly data, 13 of the 20 metro areas reported positive returns; and the 10-City and 20-City Composites reported positive returns for the first time since the summer of 2006. To put it in perspective, these are the first time we have seen broad increases in home prices in 34 months. This could be an indication that home price declines are finally stabilizing”.
“While many indicators are showing signs of life in the U.S. housing market, we should remember that on a year-over-year basis home prices are still down about 17% on average across all metro areas, so we likely do have a way to go before we see sustained home price appreciation.” Mr. Blitzer added.”
Comments
Leave a Reply
