Once again Portland tops the S&P Case-Shiller Index for May 2016 at 12.5% year-over year appreciation. Just like last month, where Seattle and Denver followed behind at a 10.7% and 9.5 rate.
With that everyone is asking about the bubble popping. David Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices, said “The two hottest areas during the housing boom were Florida and the Southwest. Miami and Tampa have recovered in the last few months while Las Vegas and Phoenix remain weak. When home prices began to recover, New York and Washington saw steady price growth; now both are among the weakest areas in the country.”
What that says to me, is that the slow down is what to expect. Portland may slow down in number and in price, but it will be healthy for us. Like sleeping in, once Daylight Savings Time is over; or, having a bowl of soup and reading a book.
Notice in the headlines for the cities which have slowed down, the “Chicken Little” lingo is not there. New York, Washington and Cleveland all had under 3% appreciation for May 2016 numbers.
For the Spring! Are you kidding me! Nothing popped though. The bottom didn’t fall out. Mass hysteria is not flooding the streets.
At some point Portland will not be on top and can expect the same. That’s it. The number may go back to our normal 4-5% appreciation which we did for about 50 years on average in the past. And, that is a GOOD thing. Go on vacation. It will be here when you get back.
The Full Report Here:case shiller may 2016