The latest Portland Case Shiller Index report is out. As always, it covers the data from 60 days ago, meaning this report centers on data from October.
Both the National Index and the Composite Index were down slightly. In addition, the City Composites also showed a decrease of -0.1% for October. It’s notable that San Francisco and Tampa led in gains for the cities at 0.8% while Chicago saw a decrease of -1.0% and Cleveland had a decrease of -0.7%. The Portland market kept with the National and Composite Indices with a decrease of -0.31%.
Portland Case Shiller Specific:
As the graph below shows, although the home price indices are down slightly from the previous month in Portland, we remain on a slow trend upward for the year, closing out October at 170.35. Based on these numbers, we are expected to close out 2014 in the positive, though not with quite as much vigor as 2013 presented. However, we’ll have to wait until February for the full determination. As it stands now, the current movement points to a continued strong market. Interest rates are expected to remain low throughout 2015. The number of “underwater” homes (those with negative equity) is also decreasing. We’re still shy of the August 2007 peak but not by much.
If you’re curious to know what this Portland Case Shiller Index report means for you as a potential home seller, we invite you to call us directly at 503-406-5232 or visit our home valuation site at portland-home-value.com. And, if you’re curious to know more about the Portland Case Shiller, check out a quick view of our previous blog posts on the subject.