In recent months, we've noticed favorable market factors
at the lower end of the price/size range
for homes for sale in
for homes for sale in
Eugene, Springfield and Lane County, OR.
We've read about declining inventories and stabilizing home prices in many parts of the country -- as evidenced by information posted on
the Active Rain real estate network.
The first reliable and positive national numbers appeared
three months ago when
the Case-Shiller Index
(as reported by Standard and Poors and the Wall Street Journal)
for May showed that Index's first month-on-month increases in nearly three years.
The Case-Shiller report for June and July continued and amplified
that trend.
Now, the Index for the month of
August, 2009
(reported on October 27) is again positive.
(reported on October 27) is again positive.
What is the Case-Shiller Index?
This monthly report is derived from year-on-year sale
of the same homes.
of the same homes.
It's not an arithmetic mean (average).
It's not a statistical median (half above/half below).
It's not a statistical median (half above/half below).
It compares prices paid for individual homes turning over
during the reporting period.
It is the most accurate market statistic for prices of homes for sale in the United States.
For every metro area scored by Case-Shiller:
a score of 100 represents the level of home prices
in the year 2000.
a score of 100 represents the level of home prices
in the year 2000.
Unfortunately, the Case-Shiller Index is compiled for only 20 American metropolitan areas as shown on the chart below.
The metro areas have been ranked below in descending order
by the percentage change in price
during the twelve months ending in August, 2009.
Only three cities among the Case-Shiller twenty failed to see
an increase in prices during August:
Cleveland (down 0.5%), Charlotte (down 0.4%)
and Las Vegas (down 0.3%)
None of the listed cities shows a positive number
for the twelve-month period, though some are getting close.
The uptick form May to August means that
the market is taking back
a fraction of the loss in value experienced by U.S. homes for sale
The uptick form May to August means that
the market is taking back
a fraction of the loss in value experienced by U.S. homes for sale
during the last year.
The Case-Shiller city located closest to the Eugene, Springfield
and Lane County market is
Portland, OR.
Portland's Index score reached it's highest point in July, 2007.
That month the Portland score was 186.51 -- meaning
prices in that metro area were
86.51 % higher
than in January, 2000.
Portland, OR.
Portland's Index score reached it's highest point in July, 2007.
That month the Portland score was 186.51 -- meaning
prices in that metro area were
86.51 % higher
than in January, 2000.
In August, 2009, Portland stood at 150.46 -- a decline in home values
of 19.3% from that July, 2007 high.
The Case-Shiller Index
for August, 2009
for August, 2009
| Case-Shiller Index City |
Index Value August, 2009 |
Change From July, 2009 |
Change for year ending in August, 2009 |
| Dallas |
121.44 | + 0.2% |
- 1.2% |
| Denver |
130.07 |
+ 1.0% |
- 1.9% |
| Cleveland |
107.42 |
-0.5% |
- 2.8% |
| Boston |
155.95 | + 0.9% |
- 4.2% |
| Washington |
178.84 |
+1.4% |
- 7.9% |
| Charlotte |
120.72 | -0.4% |
- 8.6% |
| San Diego |
153.34 |
+1.6% | - 8.9% |
| New York |
174.89 |
+ 0.5% |
- 9.6% |
| Atlanta | 111.19 |
+ 1.0% |
-10.6% |
| Los Angeles | 166.52 |
+ 1.6% |
- 12.0% |
| San Francisco | 132.47 |
+ 2.8% |
-12.5% |
| Portland, OR |
150.46 |
+ 0.3% |
- 12.5% |
| Chicago |
130.55 |
+ 1.7% |
- 12.7% |
| Minneapolis | 122.66 |
+ 3.2% |
- 13.7% |
| Seattle |
149.54 | + 0.1% |
- 14.7% |
| Tampa |
143.43 |
+ 0.4% |
- 17.7% |
| Miami |
148.91 |
+ 1.1% |
- 18.8% |
| Detroit |
71.59 |
+ 1.9% |
- 22.6% |
| Phoenix |
108.41 |
+ 1.6% |
- 25.1% |
| Las Vegas |
105.78 |
- 0.3% |
- 29.9% |
