The influential S&P/Case-Shiller Home Price indices for January is chock full of superlatives.
The indices posted their “highest year-over-year increases since summer 2006”; overall, U.S. home prices posted their “highest increase since the housing bubble burst.” Housing starts posted “double digit year-over-year increases” and the inventory of unsold homes is down to its “lowest post-recession levels.”
There is a dark spot on the sunny housing recovery — U.S. home prices are hovering at 2003 levels, about 30 percent lower than the mid-2006 peak.
January was extreme in other ways too. Phoenix led the country with 23.2 percent home price appreciation while New York finally entered positive growth territory with 0.6 percent growth.
Portland steamed along in the middle of the pack, posting 8.3 percent home price growth, slightly ahead of the 20-city index of 8.2 percent.
Portland home prices were roughly comparable to April 2005 levels, according to Case-Shiller historical data. In January, local home prices were about 22.5 percent below the peak, recorded here in September 2006.
The Regional Multiple Listing Service offered a somewhat different view of the Portland market in January when it noted local homes sold for an average of $287,700, 15.5 percent more than a year ago.
