Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to April data, Seattle-area home prices were:
Up 2.0% March to April.
Down 1.0% YOY.
Down 30.4% from the July 2007 peak
Last year prices rose 1.6% from March to April and year-over-year prices were down 6.9%.
Inching ever closer to flat year-over-year. As of April, half of the twenty markets tracked by Case-Shiller are in the black compared to a year ago. Portland and Seattle will most likely be the next to tip out of the red.
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):
In April only one city fell month-over-month: Detroit. Seattle’s monthly gain was in the middle of the pack.
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 April, eleven of the twenty Case-Shiller-tracked cities experienced smaller year-over-year drops (or saw increases) than Seattle (versus ten in March):
- Phoenix at +8.6%
- Minneapolis at +3.8%
- Miami at +3.2%
- Dallas at +2.8%
- Denver at +2.8%
- Washington, DC at +1.6%
- Detroit at +1.2%
- Tampa, FL at +0.8%
- Charlotte at +0.8%
- Boston at +0.1%
- Portlnd at -0.9%
Eight cities were falling faster than Seattle as of April: Cleveland, San Francisco, San Diego, Los Angeles, New York, Chicago, Las Vegas, and Atlanta.
Here’s the interactive chart of the raw HPI for all twenty cities through April.
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-seven months since the price peak in Seattle prices have declined 30.4%.
Lastly, let’s see just how far back Seattle’s home prices have “rewound.” As of April: July 2004.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 06.26.2012)
00
Sorry this is so late. Flew down to LA last night, landed at about 11:00 PM, didn’t get out of the car rental place until 12:30 AM. Slept in a bit this morning, then had some issues getting my remote connections working.
Rate this comment:
0 
0
Thanks, these charts more clearly illustrate the stair step approach of the Real Estate price declines.
We are still above the pricing in 2004 when the economy, in theory, was going good.
Every week we get more bad news about the economy, but some people think that the price of Real Estate will increase.
What is going back to normal is we are once again adding housing units. I think adding to supply, giving people more choices, will again add more downward pressure on the price of housing units. That add to supply hasn’t been a factor since 2008, which is, in the short term may have added to price increases.
Rate this comment:
0 
0
Hi, it’s me. Mr. Reality.
Vacationing in Ft. Collins, CO.
Here’s what $225,000 gets you:
http://www.zillow.com/homedetails/4801-Bay-View-Dr-Fort-Collins-CO-80526/13895110_zpid/
Check out the views.
Embrace the insanity of it all.
Rate this comment:
0 
0
RE: Lo Ball Jones @ 3 – How’s all that smoke taste?
Rate this comment:
0 
0
Wow, I wonder what the deal is with Atlanta. Down 17% year over year. Down 15% from January 2000.
Rate this comment:
0 
0
The next bull run in housing prices has started. There is still too much pessimism out there which will ensure prices keep rising slowly and steadily.
Rate this comment:
0 
0
Check out the big red bar under Detroit. They must have had some bubble there!
RE: Lo Ball Jones @ 3 –
Wow, that sucker is listed at above it’s peak zillow price from 2005. Not worth it, though. Zillow thinks it should be about 3% off peak.
Rate this comment:
0 
0
RE: Siddharta @ 6 –
In fact, here is information from an unbiased source indicating we may see 10% appreciation in housing prices over the next year. Buy now or be priced out forever:
http://www.calculatedriskblog.com/2012/06/house-prices-to-increase-10.html
Rate this comment:
0 
0
RE: The Tim @ 1 –
Tim,
Thank you for your consistency in maintaining this site over the years.
Rick
Rate this comment:
0 
0
RE: The Tim @ 1 –
Have a Good Trip Tim
Keep safe.
Rate this comment:
0 
0
Low inventory, pent up demand, restrictive land use policies that prevent traditional single family home development, new family formation, children getting tired of living with their parents, families tired of doubling up, rising rents, owning cheaper than renting, Puget sound on one side, mountains on the other, newcomers moving to the Puget Sound area, increased job creation by Amazon, amazingly low interest rates, equity firms buying single family houses as rental investments. Its a beautiful thing – hope my tenants don’t notice.
Rate this comment:
0 
0
By Lo Ball Jones @ 3:
I am wondering how much $225,000 gets you in north dakota or Afghanistan for that matter!
What is the point?
Rate this comment:
0 
0
RE: The Tim @ 1 – Tim, You’ve got to join the National Car Emerald Club or something similar, so that you can get off the shuttle and walk right to your car. With National, a yellow Dodge Challenger SS is doable at the mid-size rate, you choose the car. With shades on, even at midnight, you could re-enact your own version of Fast and Furious. And by all means, carry on luggage.
Rate this comment:
0 
0
By domo @ 12:
Since you asked here’s what you can get in Fargo, ND:
http://www.fmrealestateteam.com/homes/3393-Adams-St-S/21165125/?index=1
Here’s one from Kapisa, Afghanastan;
http://afghanistan.world-estate.com/ENG/House/For_sale/Kapisa_%60arabkhel_we4390155.html
At 200k in euros its a little more like 249k in dollars but because of the location you may be able to talk them down a little bit. No mention if the cats in the photo come with the house.
Personally, I’m pretty happy with our Seattle home.
Rate this comment:
0 
0
By Dave0 @ 5:
I grew up there, so let me play telephone on the situation based on conversations with relatives.
For one, Georgia probably had the worst run local banking in the country. If you go back and look at all the FDIC closures from 2007-2009, a huge proportion of them are from Illinois and Georgia. This means that there are fewer banks out there willing to lend. There are a lot of reasons for this — this piece by Paul Krugman talks about the difficulty restricting cash-out refis, but the state’s banking laws encourage lots of smaller banks that are more rickety to pop up.
For two, even when the banks can lend, some buyers are getting tied up at appraisal. The local banks just don’t seem to think the houses are worth what buyers are willing to buy for.
For three, there are few if any political or natural barriers to building that would constrain supply. If you’re a buyer can drive till you qualify, and if you’re a builder the next town over will probably offer developers a better deal on property taxes, sewer fees, laxer building codes or whatnot as long as you bring in some jobs.
There have also been some specific employment shocks. GM shuttered the Doraville plant in 2008. Grady Hospital has had a bunch of financing woes. The Atlanta public school system is in even more of a mess than usual.
I’m sure there are other factors but that’s just a few.
Rate this comment:
0 
0
ess @11, Wh-wha- what are you saying? Are you jumping on the bottom train!!!
Rate this comment:
0 
0