Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to June data, Seattle-area home prices were:
Up 1.8% May to June
Up 11.8% YOY.
Down 18.6% from the July 2007 peak
Last year prices rose 1.8% from May to June and year-over-year prices were up 1.8%.
Note that the year-over-year number decreased slightly from 11.9% in May to 11.8% in June. This is the first slowdown in year-over-year prices that we’ve seen since November 2011.
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):
Seattle’s position for month-over-month changes fell from #5 in May to #14 in June.
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 June, eight of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (two fewer than May):
- Las Vegas at +24.9%
- San Francisco at +24.5%
- Los Angeles at +19.9%
- Phoenix at +19.8%
- San Diego at +19.3%
- Atlanta at +19.0%
- Detroit at +16.4%
- Miami at +14.8%
Eleven cities gained less than Seattle as of June: Portland, Minneapolis, Tampa, Denver, Dallas, Charlotte, Chicago, Boston, Washington DC, Cleveland, and New York.
Here’s the interactive chart of the raw HPI for all twenty cities through June.
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 seventy-one months since the price peak in Seattle prices have declined 18.6%.
Lastly, let’s see just how far back Seattle’s home prices have “rewound.” As of June: August 2005—the same month I started Seattle Bubble.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 08.27.2013)