I think so. Despite warnings of a double or triple dip recession and backwash from the expiration of tax subsidies for home buyers, evidence is mounting that Portland’s real estate market has stabilized and is trending slowly upward.

S&P/Case-Shiller released its April 2010 home price indices Tuesday. The Portland market recovered 1.84% from March, which was also the lowest point of the recession. The 20 City Index rose 0.84% that month and 3.84% from the national low in April 2009.

Overall, Portland is off 21.6% from its high in July 2007, and the 20 City Index is off 30.0% from the high in the summer of 2006. It took 33 months for the national market (July 2006 to April 2009) to trough before beginning a slow steady recovery. Those who argue that Portland has further to fall because it was late to the bubble party ought to consider that 32 months elapsed between the high in July 2007 and the low in March 2010, virtually replicating the national pattern to date.
Case Shiller Housing Index 04-2010
How has Portland fared with respect to other west coast cities? San Francisco has recovered 18.7% from its low in March 2009, so the opportunity to move to the Bay Area cheaply has passed. San Diego has recovered 11.7%, Los Angeles 7.9%, and Seattle 1.1% from their lows.
Case Shiller Index for West Coast Cities 04-2010
The Case-Shiller Index is, of course, just one indicator. Visit the Portland Home Team Market Data Center for more information.

I will summarize the first half of 2010 as soon as the data is available. Early hints are that it’s mixed, but promising. What do you think the Portland real estate market will do?