Case Shiller for June is just out. The results for March through June are 174.39, 174.87, 175.3, and 175.03 respectively. The graph here tracks back to February 2006 and compares Portland to the Case Shiller 20 Composite.
Also on the cover of the O’s Business Section: “Home Sales Surprisingly Stronger” (Oooo, ‘NAR Propaganda’). NAR reports that sales rose 3.1%. This beat the expected 1.6% increase. This report runs through July.
Under the same headline the story is different, “Boost in Housing Activity Eludes Portland and Seattle.” Looks like we are the Case Shiller darlings no longer. “Portland and Seattle were among the top ten metro areas in the nation with the most pronounced drop in home sales.”
Case Shiller always comes out on the morning of the last Tuesday of the month. Think the NAR report was released the day before to distract or just a coincidence? And for “Buy Now” campaigns? NAR has just released their own. I haven’t seen it but I’ve warned against taking that phrase hook line and sinker.
***This graph added 4PM 8/26 (click image to enlarge). It shows that Portland is down 5.8% from this time last year. No tracked city remains in positive territory; Charlotte is down 1.0% at one end of the spectrum and Las Vegas down 28.6% at the other end in the same one year period.