March Case Shiller – Showing Promise

This morning, S&P Dow Jones Indices posted the latest results of the S&P/Case Shiller Home Price Indices. Case Shiller looks at information with a 60 day lag, so this latest report covers March 2015. The Case-Shiller Indices compare home prices by looking at actual current home sales and comparing them with previous selling prices for that home.

A look at the 10-city composite shows a year-over-year change of +4.7% in prices, while the 20-city composite (including the Portland metro) saw a +5.0% change. Portland metro, specifically saw an increase of 6.9%, which is evident in our current seller’s market.

“Home prices have enjoyed year-over-year gains for 35 consecutive months.” – David M. Blitzer

 

Portland not only saw an increase in year-over-year. The change from Feb/Mar was 1.1% while Jan/Feb was 0.7% As we continue to see this forward momentum, we edge closer to the home prices a 4% increase would have provided from an average market.  Keeping an eye on our Friends to the North, Seattle has edged ahead of us after a strong March increase:  they’re at 174.18 compared to our 173.9.

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