Oregon Public Broadcasting

A national housing index shows a continuing decline in the price of real estate - in Portland and across the country. Rob Manning reports.

The Case Schiller index measures repeat home sales across 20 markets. The latest numbers, from September, show that Portland’s average sale price fell to where it was in March 2006.

Maureen Maitland, with Standard and Poor’s says that’s better than the rest of the country.

Maureen Maitland: “If I look at it on a national basis, the index levels are back to where they were in 2004.”

Gary Majors with the Portland Metropolitan Association of Realtors says the low prices means there are deals to be had. 

Gary Majors: “Interest rates are low and financing is available, even though that’s not what you’re commonly hearing.”

But Maitland with Standard and Poor’s says the tightness in the credit market is one of the reasons for the continuing downward trend.

She says the underlying weak economy, and housing surpluses, are also slowing down the housing market, nationally.