Portland, along with 16 of the other 20 areas tracked by the S&P’s Case Shiller report, slid in August to 147.2. The drop of about a point still leaves Portland at roughly June 2005 pricing and almost at the same level as the 20 City Composite Index which is at October 2003 levels. Portland has lost 39.49 points since its peak in August of 2007 compared to the 10 City Composite Index which has lost 64.16 points since its peak in July 2006.
The Case Shiller Index measures “Portland Real Estate” as the seven county Portland MSA that includes Yamhill County to the South and Clark and Skamania Counties in SW Washington. It is a bigger area than reported by RMLS.
Portland’s rapid slide flattened around April of 2009. Since that time, the Index has never dropped below 143 or climbed above 151 and has averaged 147.96. We’ll have to watch the local media reports to see how they spin the report but overall I’d call the market “flat.”