The light at the end of the tunnel is not a train as the Case-Shiller Home Price Press Release seems to state. “The overall trend in home price increases continues to slow down…, said David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.
What he didn’t say after that headline with the same emphasis, is that only the National Index posted a negative change for September -0.1%. Nine cities in the 20-city composite posted negative numbers for the month-to-month change and 11 posted flat or positive numbers–the worst was -0.4% for D.C. and the best was 0.6% for Miami and Charlotte.
Portland, Oregon was Number 5 on the list for the 1-Year Change of 6.7% below Dallas 7.4% and above Denver 6.2% and Seattle 6.0%. That is pretty impressive news Portland!
The scary “deceleration” word they used up-front that had us holding a match to our wallets, eventually became “stable to slightly better” for housing in 2015 at the end of the report.
If this was school, our mid-term grade sounds more like a C+ or B- with lots of room to improve next semester. A little more to the left…
Portland, Oregon as of November 25, 2014
All Active Homes, Pending and Sold Homes 30 days back from Today.
Inventory: 2.3 Months
Average Sale Price: $339,217 (up $3617 up 1% from last month)
Median Sale Price: $293,500 (up $4500 up 1.5% from last month)
Days on The Market: 59 Days (down 6 days from last month)
# Active 4,885 total overall
# Pending 2,841 (361 more than Oct.)
# Sold 2,094 (393 less than Oct.)
Big news for Portland that ALL realtors are talking about right now– Inventory! It is getting worse at 2.3 Months of Inventory if not another house came on the market we would run out in 2.3 months! Just like Fall ’04 and ’05.
Supply and demand…supply goes down and demand goes up…prices go up. It is simple business. The light on the other side of the tunnel is the sun and the grass is greener there.