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Case-Shiller Tiers: Low Tier Barely Bounces

Posted on June 25, 2008 by The Tim

Here’s our monthly look at Seattle’s price tiers from Case-Shiller. Remember that Case-Shiller’s “Seattle” data is based on single-family home repeat sales in King, Pierce, and Snohomish counties.

Now here come the graphs. First up is the straight graph of the index from January 2000 through April 2008.

Case-Shiller Tiered Index - Seattle
Click to enlarge

All three tiers benefited from the little spring bounce, but the low tier saw the smallest bump, moving up just 0.1% to the high tier’s 1.0%. As a result, there is now a difference of just 8.5 points between the low tier index and the high tier index. At its peak, the low tier’s index was 15 points higher than the high tier.

Here’s a chart of the year-over-year change in the index from June 2002 through April 2008.

Case-Shiller HPI - YOY Change in Seattle Tiers
Click to enlarge

Despite the bump, all three tiers extended their YOY declines in April. Here’s where they sit – Low: -7.4%, Med: -5.1%, Hi: -3.7%.

Lastly, here’s a decline-from-peak graph like the one posted yesterday, but looking only at the Seattle tiers.

Case-Shiller: Decline from Peak - Seattle Tiers
Click to enlarge

This graph really makes it easy to see how little the low end was bumped up in April. Even with the bump, the total decline from peak ranges from 6.1% for the high tier to 8.8% for the low tier.

I suspect that next month we will return to your regularly scheduled decline.

(Home Price Indices, Standard & Poor’s, 06.24.2008)

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Next Post:
Case-Shiller: Thrilling Spring Bounce in the NW
Previous Post:
NWMLS: Sales, Prices Bump Up Ever So Slightly in June

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