Case Shiller’s September 2013 housing report was released yesterday. The two-month lagging report show that the Portland real estate market edged up from August. The 160.18 is up less than a point but more importantly has rebounded 30 points from the March 2012 low of 129! That means that the pool of underwater houses has dropped to three years: the market was higher than today between October 2005 and September 2008, not taking into account entry and exit costs to the property.
Historically, over time, real estate markets have increased 4% annually over time. If we extend that out from October 2004, Portland’s index would be at 180 so we are still behind that trend. How long will it take to catch up? That’s the crystal ball question which the “Now is a great time to sell” and “now is a great time to buy” pundits ignore. Have you ever noticed that most real estate marketing suggests that right now is the best time to do something? It may be for some but for others there will be other opportunities.