The widely watched Case-Shiller home price index published monthly by Standard & Poor’s was released today for the month ending October 2013. 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 160.5 at the end of October, which means that the average price for a home in this area is up 60.5% from the January 2000 starting point for the index. According to this index, average prices in the Portland area were up 0.2% from the prior month of September and up about 12.7% from October 2012.
The index for the Portland area reached a high of 186.5 in July 2007. The latest reading represents a decline in home prices of approximately 14% from that peak. So a home that was worth $300,000 at the market peak is now worth closer to $258,000 today. Another way to look at the index is that home prices now are close to what they were in roughly October 2005. See the chart below which illustrates what has happened.
Looking at the other markets tracked by the index, Las Vegas NV and Miami FL have the largest declines off their market peaks of 46% and 38% respectively. The Dallas TX & Denver CO metro areas have the smallest declines off their market peaks of only 0.1% and 0.4% respectively. When looking at the 20 city composite as a whole, the latest index reading is 165.9 and represents an average 20% decline in home values nationwide from the peak.