Last week the much watched Case Shiller Index released released its latest index on home prices and the news continues to be good for the US and Portland. Here to break down the numbers is our real estate expert Nick Krautter from Keller Williams real estate and Sellpdx.com
Q. What’s the most important part of this new report?
A. The most important part is that all the ways to look at the numbers are positive. Year over Year, Month over Month and Year to Date.
Q. How much have prices gone up this year and what do you think is causing the increase?
A. Year to Date prices are up 7% in the Portland Metro and keep in mind that includes Clark County. I think prices have been pushed up by the very low inventory. Its a supply and demand story, less supply, more demand and prices go up.
Q. This is all great news but we’re still a ways below the peak of the market in 2007 – how much more do we have to go to get to those levels?
A. The market bottomed out in January of 2012 at 34% below the peak and right now we’re only 26% below those values and still closing the gap.
To geek out on the full report see the full Case Shiller Report