The Case Shiller report for June 2009 on real estate was released a few minutes ago. The Portland index is 1.5 points since May. This is the first full point-plus gain for the index since April/May 2007. Prior to last month’s .12 gain, there had been eleven consecutive months of decline.
Portland’s Case Shiller Index is 148.47, about the same level as June 2005. Both the Composite 10 Index and Composite 20 Index were in positive territory for the second consecutive month. Portland’s peak was in July of 2007 when the index maxed out at 186.51. Until May and June of this year, 19 of the past 23 months had returned losses.
This appears to be good news for real estate in general and the Portland housing market. Two months of gain totaling less than 2 points could easily be wiped out by a single month but we are in a period of where we tend to see a seasonal uptick and these reports lag three months behind.