Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to November data, Seattle-area home prices were:
Down 0.5% November to December
Up 8.2% YOY.
Down 26.3% from the July 2007 peak
Last year prices fell 1.3% from November to December and year-over-year prices were down 5.6%.
Nothing surprising in this month’s data. We would expect to see a drop in December, and we did. The drop this year was quite a bit smaller than it has been since 2006, but other than that there’s not really anything particularly noteworthy this month.
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):
After coming in near the top in November, Seattle dropped back down to the #17 spot for month-over-month changes in December:
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 December, ten of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (the same number as November):
- Phoenix at +23.0%
- San Francisco at +14.4%
- Detroit at +13.6%
- Las Vegas at +12.9%
- Minneapolis at +12.2%
- Miami at +10.6%
- Los Angeles at +10.2%
- Atlanta, GA at +9.9%
- San Diego at +9.2%
- Denver at +8.5%
Nine cities gained less than Seattle (or were falling) as of December: Tampa, Dallas, Portland, Washington DC, Charlotte, Boston, Cleveland, Chicago, and New York. New York is still the only city still falling year-over-year.
Here’s the interactive chart of the raw HPI for all twenty cities through December.
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 sixty-five months since the price peak in Seattle prices have declined 26.3%.
Lastly, let’s see just how far back Seattle’s home prices have “rewound.” As of December: Still basically February 2005.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 02.26.2013)