Case Shiller for April 2010 came out this morning and Portland saw a bump up from March. The current report puts Portland real estate prices at 146.25. That’s up 46.25 points from when the index was reset to 100 in January of 2000 but down 40.26 from the July 2007 peak. It also stops a two month slide. The index is at May/June 2005 levels.
Case Shiller uses the seven county Portland MSA for its reporting on closed sales with a two month lag, this has changed from a previous three month lag:
The monthly S&P/Case-Shiller Home Price Indices use the “repeat sales method” of index calculation – an approach that is widely recognized as the premier methodology for indexing housing prices – which uses data on properties that have sold at least twice, in order to capture the true appreciated value of each specific sales unit.
New construction and condos are not considered in the report. April was a strong month for the Portland real estate market by most metrics. The contracts for eligibility for the Home Buyer Tax Credits had to be signed by April 30th and must close by tomorrow, June 30th, without a vote by Congress to extend it. There is no current indication in the news the closing date will be extended. Starting Thursday, the real estate market must stand on its own two feet without being propped up by the tax incentives. Low interest rates, the “seasonal selling season,” and lower prices may give some confidence to people that now may be their time to enter the market. Educate, understand and decide.
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