Sunday, January 13, 2008

Portland home price appreciation drops to its lowest level since Jan 2000

According to the latest data from the S&P/Case Schiller Home Price Index, the YoY growth rate for the median price of existing homes in the greater Portland area dropped to 1.9%, it's lowest level since January 2008. This is just the latest data point in a long slide that began in April 2006, and doesn't look like it will stop until it's well into negative territory.

Just looking at the chart should answer any the question "did Portland experience a bubble?" Yes.

Has it popped? Yes

Have we seen the bottom yet? Nope

Is it a good time to buy? If you plan to be here longer than a few years, it might be. I think I'll wait a few more months at least.

The data is located here for anyone else who is curious::,0,0,0,0,0,0,0,0,1,1,0,0,0,0,0.html

I'll be posting updates as the new data becomes available. Stay tuned.


Anonymous said...

Thank you for posting this important data. Unfortunately this data is largely unavailable to websites visited by your average perspective FTHB. So hats off to you making it available!

Ian said...

I'm glad you found it useful. I'm always on the lookout for data that's' not connected to the NAR. After all, Realtors want to you to buy and/or sell now, so they're always going to tell you it's a great time to buy/sell, because they don't make any money if you wait.

Good luck with your search!

Anonymous said...
This comment has been removed by a blog administrator.
Rob said...

I really appreciate your blog. My wife and I are moving from LA to the Portland area and although prices in PDX are much lower than LA, I've noticed that valuations are just as overpriced. Looking forward to your next post!

PDXOutsider said...

hi Rob,

keep checking back, i have more data that will be released shortly.

keep an eye on valuations. when we first started checking out portland prices everything seemed cheap coming from san francisco. it takes a few months to settle in and learn what's a good price or not, but i think you'll find more and more deals as time goes on. good luck with the move.