The widely watched Case-Shiller home price index published monthly by Standard & Poor’s was released today for the month ending March 2015. 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 173.9 at the end of March, which means that the average price for a home in this area is up 74.0% from the January 2000 starting point for the index. According to this index, average prices in the Portland area were up 1.1% from the prior month of February and up about 6.9% from March 2014.
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 6.8% from that peak. So on average a home that was worth $300,000 at the market peak is now worth closer to $279,600 today. Another way to look at the index is that home prices now are close to what they were in roughly May 2006. See the chart below which illustrates what has happened.
Looking at the other markets tracked by the index, Las Vegas NV and Phoenix AZ have the largest declines off their market peaks of 41% and 34% respectively. The Dallas TX & Denver CO metro areas have fully recovered and are both currently registering their market high index value. When looking at the 20 city composite as a whole, the latest index reading is 175.2 and represents an average 15.2% decline in home values nationwide from the peak.