Case-Shiller Home Prices December 2013

31 12 2013

Which Way Are We Going?“The key economic question facing housing is the Fed’s future course to scale back quantitative easing and how this will affect mortgage rates,” said David Blitzer, Chairman of the S&P Case-Shiller Indices. “Other housing data paint a mixed picture suggesting that we may be close to the peak gains in prices. However, other economic data point to somewhat faster growth in the new year. Most forecasts for home prices point to single digit growth in 2014.”

Huh?

I guess we get a freebie on this one.  If you want to see the glass half-full you can rest on the last two lines in the quote.  If you want to see it half-empty, you can take the second line for your day.  And, if you want to play it a little cautious, you can use it all and say, there is still too much in question with the “other” economic data to really make an educated guess as to where housing prices will go in 2014.

Nationally, in both the 10-city and 20-city composites we are up 13.6% for the year and 0.2% for the month of October.

Portland is at October 2005 levels at 160.46 (we also hit near here on the way down in December 2008).  This is up from last month reported by 0.2% and 12.7% increase for the year to date.

Take the day off, worrying about this for the end of the year will really get you nowhere.Whew...

 

The Full Report Here: The December 31 CS Report

 

 

Dustin Miller

Broker/Market Analyst

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RMLS MARKET ACTION DECEMBER 2013

12 12 2013

simmering soupThe Portland Real Estate market is simmering in the winter like the perfect comfort soup on the stove.

 

Inventory has kept the prices from dropping in a season and time when they normally do; in fact, prices have not increased in November since 2007.  Many times this figure can be significant due to the Holiday season.  The new listings dropped 22.1% from last month which is a huge month-to-month drop.  Pending sales are also up compared to last month which may increase the closed sales number next month.soup 2

All in all, if you don’t have a home on the market yet, now would be a good time believe it or not.  Dress it in your holiday best and put it out there for the buyers to see.  If you do have a home on the market, the chances are very likely that it will sell.  Hang in there and continue to simmer, you are almost done!

Compared to Last Year

Inventory down to 3.7 months.

Closed sales up 5.1%.

Pending sales up 5.6%

New listings up 18%.

Average Sales Price up 13.9%

Median Sales Price up 12%

 

Compared to Last Month

Closed sales down 16.8%

Pending sales down  14%

New listings down 22.1%

Average Sales Price up 1.3%

Median Sales Price up 0%

served up soupView The Full Report Here Portland Market Action December 2013

 

Dustin Miller

Broker/Market Analyst