Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to January data, Seattle-area home prices were:
Down 0.7% December to January.
Down 4.0% YOY.
Down 32.4% from the July 2007 peak
Last year prices fell 2.4% from December to January and year-over-year prices were down 6.7%.
Continuing toward zero change in both year-over-year and month over month. At this rate I would not be surprised to see us hit zero year-over-year by April, a level we didn’t even acheive when the tax credit was in full force.
Here’s an interactive graph of the year-over-year change for all twenty Case-Shiller-tracked cities, courtesy of Tableau Software (check and un-check the boxes on the right):
Joining Detroit in the year-over-year increase camp: Phoenix and Denver. In January, Phoenix, Miami, and Washington DC all saw month-to-month increases, while everyone else fell.
Seattle moved up to near the top of the pile in month-over-month losses, while San Francisco shot to the bottom. Case-Shiller did not release data this month for Charlotte.
Hit the jump for the rest of our monthly Case-Shiller charts, including the interactive chart of raw index data for all 20 cities.
In January, eleven of the twenty Case-Shiller-tracked cities experienced smaller year-over-year drops (or saw increases) than Seattle (versus sixteen in December):
- Detroit at +1.7%
- Phoenix at +1.3%
- Denver at +0.2%
- Washington, DC at -0.6%
- Dallas at -1.2%
- Minneapolis at -1.8%
- Miami at -1.8%
- Boston at -2.8%
- New York at -2.9%
- Cleveland at -3.3%
- Tampa at -3.8%
Seven cities were falling faster than Seattle as of January: Portland, San Diego, Los Angeles, San Francisco, Chicago, Las Vegas, and Atlanta (where prices continue to get absolutely hammered—down 14.8%!).
Here’s the interactive chart of the raw HPI for all twenty cities through January.
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 fifty-four months since the price peak in Seattle prices have declined 32.4%, another new post-peak low.
Lastly, let’s see just how far back Seattle’s home prices have “rewound.” So far: May 2004.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 03.27.2012)