Eugene, Springfield and Lane County, OR.
We've also picked up signs that housing inventories are declining and prices beginning to turn upward in many parts of the country --
as evidenced by information posted on the Active Rain real estate network by agents from a variety of regions.
Now comes the first truly positive national numbers of any real reliablility:
the May report of
the Case-Shiller Index
as reported by Standard and Poors (and the Wall Street Journal).
This important housing index experienced the first month-on-month increase in nearly three years.
This monthly report is derived from year-on-year sale of the same homes. It's not an arithmetic mean (average). It's not a statistical median (half above/half below). It doesn't compare apples and oranges.
It compares prices paid for individual homes that have turned over during the reporting period.
It is the most accurate market statistic for prices of homes for sale in the United States.
The cities have been ranked in descending order by the percentage change in price during the twelve months ending in May, 2009.
Portland, OR.
| Case-Shiller Index City |
Index Value May, 2009 |
Change From April, 2009 |
Change for year ending in May, 2009 |
| Dallas |
116.54 |
+ 1.9% |
- 4.1% |
| Denver |
123.78 |
+ 1.3% |
- 4.6% |
| Cleveland |
102.11 |
+ 4.1 |
- 6.2% |
| Boston |
148.77 |
+ 1.6% |
- 7.2% |
| Charlotte |
119.80 |
+ .9% |
-10% |
| New York |
170.51 |
0% |
-12.2% |
| Washington |
169.49 |
+ 1.3% |
-14.9% |
| Atlanta |
105.69 |
+ .3% |
-15.0% |
| Portland, OR |
146.97 |
+ .1% |
-16.3% |
| Seattle |
148.96 |
- 0.3% |
-16.6% |
| Chicago |
123.68 |
+ 1.1% |
-17.5% |
| San Diego |
145.06 |
+ 0.4% |
-18.5% |
| Los Angeles |
159.18 |
- 0.1% |
-19.8% |
| Tampa |
140.35 |
0.0% |
-20.8% |
| Minneapolis |
109.77 |
+ 1.2% |
-21.7% |
| Detroit |
70.05 |
+ 0.2% |
-24.5% |
| Miami |
144.59 |
- 0.8% |
-25.2% |
| San Francisco |
120.16 |
+ 1.4% |
-26.1% |
| Las Vegas |
109.49 |
- 2.6% |
-32.0% |
| Phoenix |
103.56 |
- 0.9% |
-34.2% |
Eugene is not Portland.
Our housing values are different.
Our local economy does not precisely track Portland.
Our unemployment rate is higher.
Our employer mix is much different.
Nevertheless, Portland is an important driver for what happens to home prices here. The upturn in Portland is truly good news.
That it seems to be part of a national trend in prices for homes for sale is quite heartening.
The uptick in May means that
the market is beginning to take back
a small fraction of the loss in value experienced by U.S. homes during the last year.
What's the significance of Portland's 16.3% decrease in home value during the last year?
Here's the impact of a 16.3% decline in the value for several levels of value one year ago:
| Value In May 2008 |
16.3% Decrease |
Value In May 2009 |
| $1,000,000 |
$163,000 |
$837,000 |
| $500,000 |
$81,500 |
$419,500 |
| $400,000 |
$65,200 |
$334,800 |
| $300,000 |
$48,900 |
$251,100 |
| $200,000 |
$32,600 |
$167,400 |
| $100,000 |
$16,300 |
$83,700 |
***********************
Jim Hale
Principal Broker / Owner
Graduate, REALTOR Institute e-PRO
2012 Member, Million Dollar Club of Lane County
2012 Member, Real Estate Brokers Million Dollar Club
actionagents.net
1715 Linnea Avenue
Eugene, OR 97401-1962
Office: 541-484-0219
Direct: 541-543-9991
Fax: 541-485-8068
Eugene Oregon Homes / Real Estate jim@actionagents.net
All statistical market data is based on information from the RMLS of Oregon for the dates indicated.
© 2012 All Rights Reserved / Licensed in the State of OREGON
