“The S&P/Case-Shiller U.S. National Home Price Index is a composite of single-family home price indices that is calculated every month; the indices for the nine U.S. Census divisions are calculated using estimates of the aggregate value of single-family housing stock for the time period in question” (McPherson).
Case Shiller’s Home Price Index recently reported its highest rating for the fourth consecutive months and its overall highest rating in the past 32 months. It reported an annual 5.8% gain in the month of February, up from 5.6% last month. This means that housing and home prices will continue to advance, and affordability will continue to decrease. As is had since 2012. Portland specifically has seen a 9.7 percent increase and is second to Seattle which saw a 12.2 year-over-year price increase in houses. Dallas followed suit with an 8.8% increase in prices. However, this HPI may just be a temporary trend. As seen in 2009, prices bottomed, and for the last 8 years have increased. New home construction has seemed to leveling off in recent months with 1.2 million houses built annually.
McPherson, Marian. “Home prices hit 32-Month high.” Inman, 25 Apr. 2017,www.inman.com/2017/04/25/spcase-shiller-home-price…. Accessed 25 Apr. 2017.