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The widely watched Case-Shiller home price index published monthly by Standard & Poor’s was released today for the month ending November 2018. There is always a two-month lag time for the data in this report. The index for the Portland Oregon metro area was measured to be 232.6 at the end of November, which means that the average price for a home in this area is up 132.6% from the January 2000 starting point for the index. According to this index, average prices in the Portland area were down 0.5% from the prior month of October while up about 4.4% from November 2017.

This latest data represents four straight months of the index declining from the prior month. That hasn’t occurred since the bottom of the local housing market in March 2012.  Prices are still up from a year ago but that rate of increase has been continually slowing down for over two years now. 

Looking at the other markets tracked by the index, Las Vegas NV and Phoenix AZ continue to have the largest declines off their market peaks of 19% and 18% respectively. When looking at the 20 city composite as a whole, the latest index reading is 213.7 which is essentially flat over the past 5 months.

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The Sherwood real estate market finished September with 33 closed sales, which is down from the 37 & 54 closed sales recorded during the prior months of July and August respectively. Of the 33 closed sales in September, none were distressed properties (foreclosures/short sales) representing 0% of the closed sales for the month. As of today, distressed properties accounted for 0% of the active listing inventory as well. There were 15 closed sales of homes valued over $500K during September and a total of 40 sales over the three month period of July – September.

The inventory level is lowest in the up to $250K price bracket at 1.7 months and overall it is at 2.7 months worth across all price brackets based solely on the September closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture declines to 2.1 months worth across all price brackets.

The average sold price in September was $510K which is a decrease of $10K from the $520K recorded in the prior month of August. Meanwhile, the median sold price in September increased to $475K, up $54K from the month prior. The average price of the active listings was $876K while the median price was at $585K as of today.

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The Tualatin real estate market finished September with 34 closed sales, which is down from the 47 & 48 closed sales recorded during the prior months of July and August respectively. Of the 34 closed sales in September, 1 was a distressed property (foreclosures/short sales) representing 3% of the closed sales for the month. As of today, distressed properties accounted for 0% of the active listing inventory. There were 12 closed sales of homes valued over $500K during September and a total of 52 sales over the three month period of July – September.

The inventory level is lowest in the up to $250K price bracket with 1.0 months and overall it is 1.7 months worth across all price brackets based solely on the September closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture declines to 1.3 months worth across all price brackets.

The average sold price in September was $467K which was down $21K, compared to $488K in August. Meanwhile, the median sold price in September decreased to $433K, down from $474K the month prior. The average price of the active listings was $808K while the median list price was $550K as of today.

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The widely watched Case-Shiller home price index published monthly by Standard & Poor’s was released today for the month ending August 2018. There is always a two-month lag time for the data in this report. The index for the Portland Oregon metro area was measured to be 235.28 at the end of August, which means that the average price for a home in this area is up 135.3% from the January 2000 starting point for the index. According to this index, average prices in the Portland area were down 0.1% from the prior month of July while up about 5.4% from August 2017.

This latest data represents a slight decline from the all-time high for prices in the Portland metro area established last month. Prices have increased 82.4% since the bottom of the local housing market in March 2012.  That equates to about a 9.8% increase per year on average over the last 6+ years. See the chart below which illustrates what has happened.

Looking at the other markets tracked by the index, Las Vegas NV and Phoenix AZ continue to have the largest declines off their market peaks of 20% and 19% respectively. When looking at the 20 city composite as a whole, the latest index reading is 213.7 which is essentially unchanged from the prior month.

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The Tigard real estate market finished September with 119 closed sales, which is down from the 161 & 159 closed sales recorded during the prior months of July and August respectively. Of the 119 closed sales in September, there was 1 distressed property (foreclosures/short sales) representing 1.0% of the closed sales for the month. As of today, distressed properties accounted for 0% of the active listing inventory. There were 31 closed sales of homes valued over $500K during September and a total of 122 over the three month period of July – September.

The inventory level is lowest in the $251-500K price bracket at 1.5 months and overall it is at 2.3 months worth across all price brackets based solely on the September closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases to 1.8 months worth across all price brackets.

The average sold price in September was $438K which is a decrease of $12K, compared to $450K in August. Meanwhile, the median sold price in September decreased to $415K, down $21K from the prior month. The average price of the active listings was $518K while the median price for the active listings was $490K as of today.

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The West Linn real estate market finished September with 51 closed sales which is down from the 54 & 64 closed sales in the prior months of July and August respectively. Of the 51 closed sales in September, none were distressed properties (foreclosures/short sales) representing 0% of the closed sales for the month. As of today, distressed properties accounted for 0.6% of the active listing inventory. There were 28 closed sales of homes valued over $500K during September and a total of 96 over the three month period of July–September.

The inventory level is lowest in the up to $250K price bracket at 1.0 months and overall it is at 3.3 months worth across all price brackets based solely on the September closed sales rate. Looking back over the last three months average closed sales rate, the inventory level decreases slightly to 3.0 months worth across all price brackets.

The average sold price in September was $553K which is down $67K from the prior month of August. Meanwhile, the median sold price in September increased to $530K, up from $511K the month prior. The average price of the active listings was $974K while the median price was $672K as of today.

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The Lake Oswego real estate market finished September with 96 closed sales, which is between the 104 & 95 closed sales recorded during the prior months of July and August respectively. Of the 96 closed sales in September, 4 were distressed properties (foreclosures/short sales) representing 4% of the closed sales for the month. As of today, distressed properties accounted for 2.5% of the active listing inventory. There were 57 closed sales of homes valued at $500K or more during September and a total of 195 over the three month period of July – September.

The inventory level is lowest in the up to $250K price bracket at 1.5 months and overall it is at 3.3 months worth across all price brackets based solely on the September closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture remains at 3.3 months worth across all price brackets.

The average sold price in September was $650K which is a decrease of $174K, compared to $824K in August. Meanwhile, the median sold price in September decreased to $548K, down from $651K the prior month. The average price of the active listings was $1,039K while the median price was $800K as of today.

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The Hillsboro real estate market finished September with 110 closed sales, which is down from the 144 & 116 closed sales recorded in the prior months of July and August respectively. Of the 110 closed sales in September, 2 were distressed properties (foreclosures/short sales) representing 1.8% of the closed sales for the month. As of today, distressed properties accounted for 1.2% of the active listing inventory. There were 17 closed sales of homes valued at $500K or more during September and a total of 57 over the three month period of July – September.

The inventory level is lowest in the up to $250K price bracket at 0.2 months and overall it is at 1.6 months worth across all price brackets based solely on the September closed sales rate. Looking back over the last three months average closed sales rate, the inventory level declines slightly to 1.4 months worth across all price brackets.

The average sold price in September was $408K which is down $14K from the $422K recorded the prior month. The median sold price in September was $372K which is down $14K from the prior month. The average price of the active listings was $546K while the median price was $450K as of today.

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The Beaverton real estate market finished September with 229 closed sales, which is down from the 255 & 336 closed sales recorded during the prior months of July and August respectively. Of the 229 closed sales in September, 2 were distressed properties (foreclosures/short sales) representing 1% of the closed sales for the month. As of today, distressed properties accounted for 1% of the active listing inventory. There were 40 closed sales of homes valued at $500K or more during September and a total of 130 over the three month period of July – September.

The inventory level is lowest in the $251-500K price bracket at 1.5 months and overall it is at 1.8 months worth across all price brackets based solely on the September closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases slightly to 1.5 months worth across all price brackets.

The average sold price in September was $403K which is down $3K compared to the prior month of August. Meanwhile, the median sold price in September increased to $382K, up $1K from the prior month. The average price of the active listings was $440K while the median price was $405K as of today.

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The city of Portland real estate market finished September with 851 closed sales, which is down sharply from the 1,076 & 1,124 closed sales recorded in the prior months of July and August respectively. Of the 851 closed sales in September, 10 were distressed properties (foreclosures/short sales) representing 1.2% of the closed sales for the month. As of today, distressed properties accounted for 1.5% of the active listing inventory. There were 296 closed sales of homes valued over $500K during September and a total of 1,116 sales over the three month period of July – September.

The inventory level is lowest in the up to $250K price bracket at 2.1 months and overall it is at 3.5 months worth across all price brackets based solely on the September closed sales rate. Looking back over the last three months average closed sales rate, the inventory level declines to 2.9 months worth across all price brackets.

The average sold price in September was $481K which is down $22K from the prior month. Meanwhile, the median sold price was $418K in September which is down $31K from August. The average price of the active listings was $612K while the median price was $498K as of today.

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