by Wendy Culverwell, Portland Business Journal
The latest take on Portland area home prices shows a year-end decline of 2.4 percent in December from a year earlier.
That’s according to figures released Thursday by CoreLogic Inc.
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The decline was less sharp when bank-owned and other distressed properties were excluded — 1.4 percent compared to the prior year.
CoreLogic paints a softer portrait of Portland home prices than the Regional Multiple Listing Service. In January, RMLS said the average home sold in December commanded $260,800, a 6.2 percent decline from one year ago.
The two real estate data firms use different methodologies, which could explain the discrepancy. (Read about CoreLogic’s methodology. RMLS uses its own database to determine pricing averages.)
CoreLogic said its national index, including distressed sales, declined 4.7 percent in December compared to the prior year. It is the fifth consecutive year for home price declines, CoreLogic said.
“While overall prices declined by almost 5 percent in 2011, non-distressed prices showed only a small decrease. Until distressed sales in the market recede, we will see continued downward pressure on prices,” said Mark Fleming, CoreLogic’s chief economist.
Distressed sales account for about 15 percent of the Portland home market and 20 percent of the national market.
