Tuesday’s Case Shiller reporting November 2010 was of no surprise: down from the previous month. The Index for Portland is 139.92 which puts the Portland real estate market back where it was in March 2005.
The 139.92 is actually an average of the three price tiers in Portland. For November:
- Low (under $207,443): 144.00
- Middle ($207443 – $300,273): 141.37
- Upper (over $300,273): 137.04
The low tier peaked at 199.87, middle at 186.71 and the high at 180.83- all around July 2007.
The high tier was nearly 10% below the low tier at the peak and is now 5% below. The middle tier has almost mirrored the average since the Index was reset to 100 in 2000.
This is a great graph because it clearly shows the bubble and the aftermath of the bubble bursting. The fact that we are back to 2005 pricing is encouraging to me because pre-2005 our local market was stable and appreciating at a reasonable rate. It would be nice to get back to “stable and appreciating”.