Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to February data, Seattle-area home prices were:
Down 0.8% January to February.
Down 2.9% YOY.
Down 32.9% from the July 2007 peak
Last year prices fell 1.9% from January to February and year-over-year prices were down 7.5%.
Still moving closer to zero on the year-over-year chart. I still think we’ll probably hit year-over-year zero by April or May’s numbers.
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):
There are now five cities in the positive year-over-year club: Phoenix, Detroit, Miami, Denver, and Minneapolis. In February, Phoenix, Miami, and San Diego all saw month-to-month increases, while everyone else fell.
Seattle came in near the middle of the heap for month-over-month losses, performing just about on par with the 20-city composite index.
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 February, nine of the twenty Case-Shiller-tracked cities experienced smaller year-over-year drops (or saw increases) than Seattle (versus eleven in January):
- Phoenix at +3.3%
- Detroit at +1.5%
- Miami at +0.8%
- Denver at +0.5%
- Minneapolis at +0.4%
- Dallas at -1.0%
- Charlotte at -1.8%
- Washington, DC at -2.3%
- Boston at -2.4%
- New York at -2.9%
Ten cities were falling faster than Seattle as of January: Tampa, New York, Portland, San Diego, San Francisco, Cleveland, Los Angeles, Chicago, Las Vegas, and Atlanta (where prices continue to get absolutely hammered—down 17.3%!). This is the first time in years that we’ve actually come in better than Cleveland.
Here’s the interactive chart of the raw HPI for all twenty cities through February.
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-five months since the price peak in Seattle prices have declined 32.9%, another new post-peak low.
Lastly, let’s see just how far back Seattle’s home prices have “rewound.” So far: April 2004.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 04.23.2012)