Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to July data, Seattle-area home prices were:
Up 0.6% June to July
Up 7.1% YOY.
Down 11.1% from the July 2007 peak
Last year prices rose 1.9% from June to July and year-over-year prices were up 12.5%.
The July data shows further cooling in the crazy home price gains we had been seeing, with the year-over-year level dropping to its lowest level since October 2012.
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 #9 in June to #12 in July. New York, Detroit, Miami, Dallas, Portland, Las Vegas, Denver, Los Angeles, Chicago, Minneapolis, and Tampa all saw home prices rise more between June and July 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 July, nine of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (one more than June):
- Las Vegas at +12.8%
- Miami at +11.0%
- San Francisco at +10.3%
- Los Angeles at +9.0%
- Detroit at +8.4%
- San Diego at +8.3%
- Portland at +8.2%
- Dallas at +7.4%
- Tampa at +9.1%
Ten cities gained less than Seattle as of July: Atlanta, Denver, Boston, Phoenix, Minneapolis, Chicago, Washington DC, New York, Charlotte, and Cleveland.
Here’s the interactive chart of the raw HPI for all twenty cities through July.
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-three months since the price peak in Seattle prices have declined 11.1%.
Lastly, let’s see what month in the past Seattle’s current prices most compare to. As of July 2014, Seattle prices are still roughly right around where they were in March 2006.
Check back later this week for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 09.30.2014)