Case-Shiller Home Prices November 26, 2013 Report

26 11 2013

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Still talk of a bubble with the over 20% appreciation in some Western States…

“The strong price gains in the West are sparking questions and concerns about the possibility of another bubble,” says David Blitzer, Chairman of the Index Committee.  “However the talk is focused on fear of a bubble, not a rush to join the party and buy. Moreover, other data suggest a market beginning to shift to slower growth rather than one about to accelerate. Existing home sales weakened in the most recent report, home construction remains far below the boom levels of six or seven years ago and interest rates are expected to be higher a year from now.”

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The national index is up 11.2% year over year, the 10-city and 20-city composites are up 13.3%.  Only four of the cities are up over 1% from month to month while the others are all under 1% with the exception of Charlotte which posted -.02% for the month to month change.  Portland fared a 0.7% appreciation for the month to month reporting.

Portland’s level for September 2013 (this report) is 160.18.  This is comparable to October 2005 and November 2008 levels in the past.

Blitzer’s comments in this report are dead on as we are all experiencing an appreciating market but buyers are not in a frenzy mode as they were in 2005 and 2006.  Though multiple offers still exist in many areas of Portland, most well-priced homes simply are selling quickly with a single reasonable offer.  Buyers are taking their time to educate themselves on the market right now and pulling the trigger when they feel most comfortable and ready.  The true pressure of making up their minds quickly in 2013 has lifted compared to the hot market of the recent past.

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View the full Report Here The November 26 CS Report

Dustin Miller
Broker/Analyst

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