What The October 26 Case-Shiller Report Means To Portland Oregon

1 11 2010

October 26, 2010 CS Chart

All in all, we have heard the story far too much by now—prices are down and sales are trending that way too.  The Case-Shiller report generally tells us all what the news sources have been saying for a month before it comes out.  The Case-Shiller report comes out on the last Tuesday of the month and reports on the data from 2 months prior.  So this report had data from August 2010 backward.

 

Instead of hashing over this information in detail, I simply wanted to bring to light two interesting pieces of data in this report: 1) The graph has turned down for the first time since Q1 of 2009; 2) Prices are at late 2003/early 2004 levels.

 

Another downturn after a long spiral down in 2007-2009 and then a long climb up from early 2009 to now is nothing short of a disappointment.  Housing is a driver of the economy since we have moved further and further from natural resources as our main industries.  We won’t know what this trough looks like until it is over.  However, we will hear it coming from the news before we see it in the Case-Shiller Report next month. 

 

As for prices– in September 2010 in Portland, the average sales price was $279,900 according to the Regional Multiple Listing Service.  That is roughly equal to our prices in May of 2005 ($278,100).  If we were truly at our prices of September 2003, the Portland Metro Area would be 18.86% further below our current price right now.  That just might devastate us I would think.  Although prices are low and lowering, it appears Portland is at least bucking the national trend and holding its value better than many other areas of the country.

Case Shiller Price Compare

October 26, 2010 CS Report

Advertisements

Actions

Information

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s




%d bloggers like this: