Wednesday, August 26, 2009

Portland existing home prices up slightly in June - Case Shiller

The latest Case Shiller data was released yesterday, and prices in Portland have ticked up 1% from May to June.

Year over year we're still down 15.2% and we're down 20.4% from the peak.

It looks like the $8k credit might be having an effect, but it's still a bit premature to signal the bottom.

Tune in later for full charts / analysis, but the raw data is available above for the data hounds out there.

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8 comments:

Anonymous said...

when you look at the shape of the PDX graph, the same shape appeared in last summers numbers, while still part of an overall slide. I wonder if the expiration of the 8k credit in December, coupled with the typical flatness of winter numbers will start the slide in prices anew?

PDX Outsider said...

Yes, every summer sees a bump. If price declines don't return this fall we might have seen the bottom, or the $8k stimulus is still working. We might have to wait until January to really see the full picture.

Leigh said...

I thought it expired end of November?

PDX Outsider said...

I think you're right Leigh, we'll see if they extend it. I bet they will.

Leigh said...

And I hear they plan on taking it up to $15K!!!! Doesn't seem to be helping anything over $500K, though.

Dianne G said...

It's a "First-time Buyer" tax credit. Meaning you can not have owned a house in the last 3 years. And people buying 500K houses generally do not fall into this category.

Leigh said...

My thought was that move up buyers (who sold thanks to the $8K credit) would be clearing out the $500K inventory but it ain't happening. Well, besides that there don't seem to be too many move up buyers I think part of the problem is that we have more than our share of McMansions. Is that all that was built in the past 5 years?

Dianne G said...

Leigh, you are exactly right. I think people have way over spent on homes trying to get bigger and newer. But those big homes are expensive to heat, have higher taxes, and don't seem so great these days. I think people selling to 1st time buyers are either buying again in the lower prices or are renting.