July 2013 Case-Shiller Home Price Report

30 07 2013

Another Report Breaking Records

“Home prices continue to strengthen,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “Two cities set new highs, surpassing their pre-crisis levels and five cities – Atlanta, Chicago, San Diego, San Francisco and Seattle – posted monthly gains of over three percent, also a first time event.”

This is pretty big news– to gain on a monthly basis over 3 percentage points. It appears to be approaching frenzy in a few states this summer. Blitzer did not mention the two cities which set new pre-crisis highs.

The gain for the 10-city and 20-city composite was also significant at 2.5% and 2.4%.

Though the 20-City and 10-City composites appear to be at spring 2004 levels, Portland is at July 2005 levels with a figure of 151.91. It is also sitting nicely in the middle of the pack with a yearly gain of 12.5%.

People are wondering whether or not another bubble is being witnessed as well. David Blitzer mentioned a few months ago that we shouldn’t be concerned about a bubble until we see gains in the 20-30% range. Well, we have 4 in that category and 2 near 20%. There is no true way to predict the future. Many still unpublicized are cautious. In fact, I have seen a number of factors in the rental markets which reflect a move away from home buying to stay mobile and possibly steer clear of home ownership as a solid future investment.

It is hard to discern either way…this is only speculation as prices continue to increase monthly.



The full report here July 30, 2013 CS

–Dustin Miller
Broker / Market Analyst


July 2013 RMLS Market Action

13 07 2013
It is o.k.

It is o.k.

Time for a break. Take a breath and exhale slowly. That is what the market did too this past month. It has been 3 years, 2010 since the Portland Market Inventory has actually increased between May and June.

Market time is still climbing downward at a decent pace. It fell 38.4% from last year and 17.6% from last month. This figure is getting closer to winter 2007, December 2007 had 73 days on the market average time.

Interest rates going up, 4.5% today on average for a 30-year loan, has definitely changed a few buyers’ earning power. The .5% costs about $90 a month more for a $300,000 home or takes a $300,000 home search down to $260,000-$270,000.

Compared to Last Year
Inventory up to 2.9 months.
Closed sales up 11.9%.
Pending sales up 15.2%
New listings up 16.9%.
Average Sales Price up 10.5%
Median Sales Price 12.4%

Compared to Last Month
Closed sales down 6.4%
Pending sales down 5.8%
New listings down 2.1%
Average Sales Price down 0.9%
Median Sales Price up 0.9%

Don’t make any rush decisions quite yet, the summer is young.

Step away from the edge.

View The Full Report July 2013 RMLS Market Action

Dustin Miller
Broker/Market Analyst