Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to November data,
Down 1.1% October to November.
Down 4.7% YOY.
Down 26.4% from the July 2007 peak
Last year prices fell 0.5% from October to November and year-over-year prices were down 10.6%.
November’s data marked another new post-peak low point for Seattle home prices. Prices are down 3.7% since July, and down 5.3% since their late-2009 tax credit mini-peak.
Here’s an interactive graph of all twenty Case-Shiller-tracked cities, courtesy of Tableau Software (check and un-check the boxes on the right):
The 10-city composite index joined the 20-city index in negative YOY territory, and the same four cities as last month are still above where they were this time last year: Los Angeles, San Diego, San Francisco, and Washington DC.
In November, fourteen of the twenty Case-Shiller-tracked cities experienced smaller year-over-year drops (or saw year-over-year increases) than Seattle (one more than October):
- Washington, DC at +3.5%
- San Diego at +2.6%
- Los Angeles at +2.1%
- San Francisco at +0.4%
- Boston at -0.8%
- New York at -1.9%
- Denver at -2.5%
- Las Vegas at -3.5%
- Miami at -3.5%
- Tampa at -4.0%
- Dallas at -4.2%
- Charlotte at -4.3%
- Minneapolis at -4.4%
- Cleveland at -4.4%
Falling faster than Seattle as of November: Phoenix, Portland, Detroit, Chicago, and Atlanta.
Hit the jump for the rest of our monthly Case-Shiller charts, including the interactive chart of the raw Case-Shiller HPIs.
Here’s the interactive chart of the raw HPI for all twenty cities through November.
Here’s an update to the peak-decline graph, inspired by a graph created by reader CrystalBall. This chart takes the twelve cities whose peak index was greater than 175, and tracks how far they have fallen so far from their peak. The horizontal axis shows the total number of months since each individual city peaked.
In the forty months since the price peak in Seattle prices have declined 26.2%, another new high.
For posterity, here’s our offset graph—the same graph we post every month—with L.A. & San Diego time-shifted from Seattle & Portland by 17 months. All four cities continued to fall in November. Year-over-year, Portland came in at -7.0%, Los Angeles at +2.1%, and San Diego at +2.6%.
I think this graph is still worth posting if only to display how the government’s massive intervention in the market screwed with the natural flow, causing all the markets to rise simultaneously, and once the artificial support was removed, to come crashing back down to reality simultaneously.
Note: This graph is not intended to be predictive. It is for entertainment purposes only.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 01.25.2010)