OR: Portland Home Prices Fell Again in May

Home prices are still falling both locally and nationally. Clear Capital, a Truckee, Calif.-based real estate data firm, said its index of U.S. home prices declined 7.6 percent from a year ago and 2.3 percent from the prior quarter.

Clear Capital said Portland Metro home prices fell 10.8 percent compared to a year ago and 1.5 percent from the prior quarter. Both Portland and Seattle escaped being listed among the top 10 worst — or best — performing markets in the U.S.

In early May, Clear Capital declared the U.S. residential real estate market had hit the dreaded “double dip” when April prices showed a 5 percent price drop. For its June report, Clear Capital takes a more optimistic outlook. “The latest market report results through May suggest that home prices are starting to ease back from the heavy declines seen over the winter. We are still far away from the strong demand needed to fully turn things around for the housing market; however it is clear from the initial spring sales data that prices are softening, suggesting stabilization in the market,” said Alex Villacorta, director of research and analytics.

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