Case-Shiller Home Price Indices July 26, 2011 Report

26 07 2011

The Case-Shiller Report is looking better today and, just like the last 2 months,  it did what I thought it would do…it went up!  The report covers data up through May 2011 and back. 

 

 “We have now seen two consecutive months of generally improving prices; however, we might have a long way to go before we see a real recovery,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices.

 

Compared to previous quotes from Mr. Blitzer, we can consider this to be one of his more encouraging comments.  He isn’t one for optimism and this report speaks heavily of seasonal adjustments.

 

The 10- and 20-City Composites were up 1.1% and 1.0%, respectively, in May over April.  Sixteen of the 20 MSAs and both Composites posted positive monthly increases; Detroit, Las Vegas and Tampa were down over the month and Phoenix was unchanged. On an annual basis, Washington DC was the only MSA with a positive rate of change, up 1.3%. The remaining 19 MSAs and the 10- and 20- City Composites were down in May 2011 versus the same month last year. Minneapolis fared the worst posting a double-digit decline of 11.7%.

 

In this report, the nation is at summer 2003 and Portland is near November 2004 levels and Seattle is near October 2004 levels.  These figures, according to the Case-Shiller S&P Report are up from last month’s report by a few months.  This improvement could also be a decent indicator or the bottom possibly being behind us.  A leveling off could be occurring. 

 

These improvements, though small and somewhat seasonal, are still just that—improvements.  And…welcome ones at that from all of us in the real estate industry.

  

 Here is the full report in .pdf form.    case schiller July 26,1011

 

 

Dustin Miller

Realty Trust Group

DustinM@RealtyTrust.com

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July 2011 Portland Market Action

16 07 2011

Prices went up month-to-month and down year-to-year.  Along with the record inventory low of 6 months, the best since July 2007, this is considered good temporary news.  The trend will be seen now for Portland in the Case-Shiller index too (which is a few months behind).  Average sale price for the year is down 2.7%, but for the month it is up 1.8%.  Pending sales are up 23.7% for the year and down 7.7% for the month.  The big deal is that new listings are down 22.4% over the year and 5.8% for the month which gives us a little shot in the arm for the inventory.

Inventory is a big deal in that it provides a balanced market for buyers and sellers.  With less to choose from, the buyers have to compete more and possibly pay closer to the listing price for some homes.  I say, some, because not all homes and areas are the same.  Real estate is local.  If you are on a busy street, this information doesn’t apply to you.  Busier streets take much longer to sell and at lower prices.  If you have a sleepy neighborhood street in a tighter inventory area like N. Portland (4.7 Months), NE Portland (4.1 months) or SE Portland (4.7 months) your home could fall in the good news category.

All in all, any good news is worth reporting.  It is one of the signs of recovery regardless of what the opinions say.  Numbers are indeed numbers and something is happening out there right now worth noting. 

Compared to Last Year

Inventory down 1.3 months.

Closed sales down 2.7%.

Pending sales up 23.7%

New listings down 22.4%.

 

Compared to Last Month

Closed sales up 12.4%

Pending sales down 7.7%

New listings down 5.8%

 

 

 

 

   July 2011 Market Action

 

Dustin Miller

Broker with The Realty Trust Group