Case-Shiller Home Prices January 28, 2013 Report

28 01 2014
The Deschutes River Canyon

The Deschutes River Canyon

We keep going up and up, maybe just a little bit, but we keep going up.

“Home prices continue to rise despite last May’s jump in mortgage interest rates. Mortgage applications for purchase were up in recent weeks confirming home builders’ optimism shown by the NAHB survey. ..While housing will make further contributions to the economy in 2014, the pace of price gains is likely to slow during the year,” said David Blitzer, Chairman of the S&P Case-Shiller Indices.

This means they are trending in a positive direction headed into winter (this report covers November 2013), which typically is a slow time of the season.  What is appears to be trending toward is a steady up and down this winter by small percentages here and there.  It is nothing to freak out about;Freaking out and, not worth getting overly excited about as well.  It appears we are learning our lesson from the last time prices began to increase dramatically.  This is a typical plateau for the nation.  Perhaps, we may stay here throughout 2014.  It is hard to say with the factors of inflation, mortgage rates, jobs and the economy.

 

Portland is at May 2005 levels for this report.  We also hit this number in January 2010 when the market was declining and again between February and March 2013. For this report, Portland is down for the month of -0.3% but up for the year of 12.5%.  This is the middle of the pack for the nation between the low of 6% for New York and the high of 27.3% for Las Vegas.

 

Once again, stay calm.  This report is if anything very encouraging for near winter numbers.  The increases are not hurling us toward another bubble.

 

The Full Report Here: The January 28 CS Report

cat calm

 

 

 

Dustin Miller

Broker/Market Analyst

 (A cat photo to sooth the soul)

 

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January 2014 RMLS MARKET ACTION

17 01 2014

inventory Inventory…It really wasn’t a term we used much as brokers 15 years ago.  In fact, the RMLS Market Action did not start publishing the inventory until 2001.

That being said, it is a way to use the concept of supply and demand in a general sense.  If there is high demand with low supply, prices will go up.  If there is high demand with high supply, then prices go down.  If there is low demand and high supply, prices go down.  If there is low demand and low supply prices go down a little slower.

inventory 2

The good thing for us is that this is pretty typical prior to 2006 when the climb in winter inventory numbers started to hit the map.  We have been here many times before and can chaulk it up as a seasonal thing.  Most low numbers in the winter were all relative to the markets they experienced the year before going all the way back to 2001.  This year is no different—inventory may be a cause we can look to for answers as well as they previous 12 months in order to chart the waters ahead.

ship

 

 

Compared to Last Year

Inventory down to 3.2 months.

Closed sales up 1.3%.

Pending sales up 7.2%

New listings up 3.7%.

Average Sales Price up 12.9%

Median Sales Price up 12.8%

 

Compared to Last Month

Closed sales down 2.1%

Pending sales down  18.8%

New listings down 32.5%

Average Sales Price up -3.0%

Median Sales Price up -1.0%

 

 

 

View The Full Report Here: RMLS Market Action Portland Metro Jan 15, 2014

 

Dustin Miller

Broker/ Market Analyst