(See recent posts on Phoenix Case-Shiller Home Price Index.)

The S&P/Case-Shiller index showed Portland residential home prices up 13.2% and Seattle up 14.1%.

“One of the prime reasons is still California,” he said. “The difference between what their dollar buys down there and what their dollar buys up here is huge.” That attracts not only buyers, such as retirees, looking to “cash out” of pricey homes in California, but also comparison shoppers in the rest of the country looking all along the West Coast.

Hmmm. That sounds familiar.