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 1.4% April to May
Up 9.3% YOY.
Down 12.6% from the July 2007 peak
Last year prices rose 3.1% from April to May and year-over-year prices were up 11.9%.
Although prices are still up quite a bit both month-over-month and year-over-year, May’s data actually shows some cooling compared to a month ago and a year ago.
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 #2 in April to #5 in May. Tampa, San Francisco, Chicago, and Charlotte all saw home prices rise more between April and May than they did in Seattle.
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 May, nine of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (two more than April):
- Las Vegas at +16.9%
- San Francisco at +15.4%
- Miami at +13.2%
- San Diego at +12.4%
- Los Angeles at +12.3%
- Detroit at +11.9%
- Atlanta at +11.2%
- Tampa at +10.2%
- Portland at +10.0%
Ten cities gained less than Seattle as of May: Dallas, Chicago, Minneapolis, Boston, Denver, Phoenix, Washington DC, New York, Charlotte, and Cleveland.
Here’s the interactive chart of the raw HPI for all twenty cities through May.
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 eighty-one months since the price peak in Seattle prices have declined 12.6%.
Lastly, let’s see what month in the past Seattle’s current prices most compare to. As of May 2014, Seattle prices are right around where they were in February 2006.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 07.29.2014)