June Portland Year to Year Change Worst Ever in History of Portland Case Schiller Index.

TheJune 2008 Case Schiller home price index for Portland went DOWN slightly from May to June, reversing the trend of the prior two months.

Looked at annually the index decreased by 5.8%. This year to year decrease was more than 10 times the rate of the year to year decrease for January (-.5%), and is the worst ever year to year change in the 20+year history found in the Portland Case Schiller data.

A summary of the data:

• YEAR TO YEAR (June 07-June 08): The Portland metro index decreased from 185.76 to 175.03, a 5.8% decrease.
• MONTH to MONTH (May 08-June 08): The Portland metro index decreased from 175.53 to 175.03 a .3% decrease.
  
• DECLINE FROM JULY 07 PEAK: The peak index month was July 07 at 186.51; the decline since then is now 6.2%.
• The PDF of the Case-Shiller national press release for June is HERE.
  
• In June Portland still had the 5th best year to year change metro ranking (out of 20 metro areas). This is a decline from January, when Portland had the 2nd. best year to year metro ranking.