National Index Offers Mixed Results
August 26th, 2008
Portland ranks fifth in a 20-city index for smallest year-over-year declines in home values, according to the Case-Shiller index released today.
Nationally, the survey shows a 15.4% one-year decline in home prices, comparing June 2008 to June 2007; Portland registered a -5.8% result in that same period.
“While there is no national turnaround in residential real estate prices, it is possible that we are seeing some regions struggling to come back, which has resulted in some moderation in price declines at the national level” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.
“Depending on where you focus on the details of the report, you can see some different stories on where home prices are headed. Record year-over-year declines were reported in both the 10-City and 20-City Composites in June; however, they are very close to the values reported for May. The rate of home price decline may be slowing.
Nevertheless, not one market is showing a positive return over the past 12 months and seven of the metro areas are reporting declines in excess of 20.0%.”
Charlotte, Boston, Dallas, and Denver top the list as better performers, while Las Vegas, Miami, and Phoenix showed the weakest 1-year performance–all registering declines of 27% or more over the past year.
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Related posts:
- National Housing Numbers vs. Portland’s Performance
- Portland Prices Run in the Red
- Some Good and Bad in Portland’s Housing News
Entry Filed under: Forecasts, National News
2 Comments Add your own
1. Uncle Git | August 26th, 2008 at 10:57 am
Hey Ron - hope you are well.
I think it’s worth remembering that Case/Schiller isn’t seasonally adjusted - and it’s numbers represent the state of play 2 months ago - with a sliding 3 month window. So these numbers really represent transactions that occurred April/May.
Right in the middle of peak selling season - when the market should be strongest.
I suspect going forward we’ll see an increase in the pace of price declines as we roll over towards winter - in addition with seller paid downpayments going away it’ll bring further pressure to the market.
Heading into spring next year I’d be very surprised if we didn’t show 10%-15% down from peak.
2. Ron Ares | October 3rd, 2008 at 5:38 am
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