Case-Shiller: Home-price gains slowing in Portland area, other major cities

house for sale sold north portland
A sign, shown July 16, announces a North Portland house has been sold. (Elliot Njus/The Oregonian)

Elliot Njus | enjus@oregonian.comBy Elliot Njus | enjus@oregonian.com 
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on July 29, 2014 at 6:26 AM, updated July 29, 2014 at 6:48 AM

The slowdown is seen by many economists and market-watchers as an inevitable. Gains of more than 10 percent were seen as an correction that couldn’t be sustained even in a healthy market.

The deceleration may also in part reflect the declining influence of foreclosures and underwater mortgages.

On the way down, foreclosures selling at deep discounts may have exaggerated the overall decline. They’re doing the opposite on the way back up, perhaps overstating the gains being made by the market at large.

According to the Regional Multiple Listing Service, the median Portland-area home price in May was $290,000, up 7.6 from a year earlier and 3.6 percent from April. Itremained at the same level in June

The Case-Shiller index uses repeat sales of homes to estimate ups and downs in prices market-wide. A month’s reading is actually based on a three-month rolling average to control for volatility, and it’s released on a two-month delay.

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