‘Tis the season…
When we start going down month-to-month, we as a nation in the marketplace start talking about how the year ended versus the previous year.
“In December, the 10-City Composite remained relatively unchanged while the 20-City Composite showed its second consecutive monthly decline of 0.1%. Year-over-year, the 10-City and 20-City Composites posted gains of 13.6% and 13.4%, approximately 30 basis points lower than their November rates,” the report stated.
“The S&P/Case-Shiller Home Price Index ended its best year since 2005,” said David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices… Recent economic reports suggest a bleaker picture for housing. Existing home sales fell 5.1% in January from December to the slowest pace in over a year. Permits for new residential construction and housing starts were both down and below expectations. Some of the weakness reflects the cold weather in much of the country. However, higher home prices and mortgage rates are taking a toll on affordability…but bank lending standards remain strict.”
For the composites nationally, the report states that prices are back to Spring 2004 levels but Portland is fairing much better in the report where prices are closer to levels in the fall of 2005.
Another high point in the report for Portland, Oregon is the seasonally adjusted averages where they are negative for the last two reports for month-to-month numbers (-0.1 and -0.3), but when seasonally adjusted they post positive numbers of 0.7% for both reports.
All in all Portland is still much better off going back to its old self of gradually climbing up in prices and not rapidly fluctuating up and down. I expect the “season” to sway prices up once again as we move toward spring 2014.
At least our season is shut down like the Great Lakes states too. They pretty much have to wait for late spring to buy and sell houses!
The Full Report Here: The February 25 CS Report