Case-Shiller Home Prices May 28, 2013 Report

29 05 2013
Sales waters rising.

Sales waters rising.

Once again, the numbers are up and continuing to show a tremendous resurgence throughout the country for the S&P Case-Shiller Indices. Nationally, both composites seem to be gaining just over a 1% increase month-to-month in the past three months.

The big news is the double-digit increases over 2012 numbers.

“Home prices in all 20 cities posted annual gains for the third month in a row. Twelve of the 20 saw prices rise at double-digit annual growth. The National Index and the 10- and 20-City Composites posted their highest annual returns since 2006, said David Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.

“…The weakest annual price gains were seen in New York (+2.6%), Cleveland (+4.8%) and Boston (+6.7%); even these numbers are quite substantial.

Indeed they are! The low price gains are a 2%-6% gain over the past 12 months is great news for anyone living in the past 6 years of the real estate world.

Portland had its largest month-to-month gains in over seven years, according to the report. Portland gained 2.65% between February and March 2013. The last time we were close on gains month-to-month with 2.64% was in May 2012 and before that was June 2005 with 2.78%. San Francisco was highest at 3.9%.

The report states the 20-city and 10-city composites are back to their late 2003 price levels. Portland is at a number of 145.52 which has been seen in spring 2009 and 2010 and before that spring 2005. Our lowest number was 129.1 in March 2012 prior to the boom in real estate of 2005. Our highest was June 2007 at 185.76. Believe it or not, but the bottom of our market to date is really March 2012! We have had 5 drops down since June 2007, but the lowest point was just last year near this time.

Chart of the… Portland, OR Case Shiller History

That being said, 2013 doesn’t feel like it as we have had a 12.8% increase in price according the Case-Shiller since March 2012.

So, for now, the worst is behind us. Here’s to greener pastures without forgetting where we have been the last 6 years.

Portland's Rain Paying Off.

Portland’s Rain Paying Off.

View the full report here The May 28, 2013 CS Report

 

Dustin Miller
Broker/Market Analyst

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