The widely watched Case-Shiller home price index published monthly by Standard & Poor’s was released today for the month ending November 2017. 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 222.95 at the end of November, which means that the average price for a home in this area is up 123.0% from the January 2000 starting point for the index. According to this index, average prices in the Portland area were even with the prior month of October and up about 6.9% from November 2016.
This months data shows about a 0.3% decline of the index in the Portland metro area from the recent peak in September 2017. Prices have increased 72.8% since the bottom of the local housing market in March 2012. That equates to about a 10.1% increase per year on average over the last 5+ 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 28% and 24% respectively. When looking at the 20 city composite as a whole, the latest index reading is 204.2 and represents an average 1.1% decline in home values nationwide from the peak.