Portland Metro Year to Year Case-Shiller Index Decline is Largest on Record; Ranking Slips Again.

The August 2008 Case-Shiller home price index for Portland went down again from July 2008, decreasing by 1.3%. The 7,6% annual decline from August 2007 was the largest decline in the 20+ years where annual change data is available.

Applying that [unrounded] annual change to the reported Portland metro median sales price of $288,858 for August of 2007 would result in a price reduction of $21,851.

A summary of the August data:

1. YEAR TO YEAR (August 07-August 08): The Portland metro index decreased from 186.00 to 171.93, a 7.6% decrease.
2. MONTH to MONTH (July 08-August 08): The Portland metro index decreased from 174.21 to 171.93 a 1.3 % decrease.
3. DECLINE FROM JULY 07 PEAK: The peak index month was July 07 at 186.51; the decline since then is now 7.8%.
4. RANKING: In January of this year, Portland had the 2nd. best (lowest reduction) year to year metro ranking ; by July our ranking had decreased to 5th and in August that ranking slipped again, to 7th.
5. The PDF of the Case-Shiller national press release for August is HERE.