Home buyers scouring Portland for a place to live can take some comfort in this: At least they’re not house hunting in Las Vegas, San Francisco or Los Angeles.
Portland-area home prices rose 12.4 percent over the year that ended in November, according to the widely watchedS&P Case Shiller Index, released today. In comparison, Las Vegas, San Francisco and Los Angeles all recorded home price gains in excess of 20 percent — 27.3 percent, 23.2 percent and 21.6 percent, respectively.
Portland home prices stood at September 2005 pre-recession levels, but remain 14 percent below their July 2007 peak.
Portland lagged behind Case Shiller’s 10- and 20-city averages of 13.8 percent and 13.7 percent, respectively, their best performances in eight years. Nationally, home prices declined 0.1 percent compared to October.
“November was a good month for home prices,” said David Blitzer, chairman of the index committee. “Despite the slight decline, the 10-city and 20-city composites showed their best November performance since 2005. Prices typically weaken as we move closer to the winter.”
The Case Shiller figures tend to confirm theRegional Multiple Listing Service report for November, which showed the average Portland-area home selling for $318,100, 13.9 percent more than a year ago.