Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to April data,
Up 1.0% March to April.
Down 2.8% YOY.
Down 24.5% from the July 2007 peak
Last year prices rose 0.2% from March to April and year-over-year prices were down 16.8% (the largest YOY decrease on record).
Looks like we finally get to see the expected little price boost out of the expiring homebuyer tax credit. Unlike most other cities tracked by the Case-Shiller index, Seattle has been mostly flat since the credit was introduced early last year. However, with the for-real-this-time-we-really-mean-it expiration date of the tax credit finally upon us, it is not surprising to see that some buyers rushing to get their free $8k have pushed home prices up just a bit (about 1%).
Here’s our offset graph—the same graph we post every month—with L.A. & San Diego time-shifted from Seattle & Portland by 17 months. All four cities climbed a little more month-to-month in April, with Portland actually grabbing the biggest gain for a change. Year-over-year, Portland came in at -0.4%, Los Angeles at +7.8%, and San Diego at +11.7%, still all better than Seattle.
Note: This graph is not intended to be predictive. It is for entertainment purposes only.
Hit the jump for the rest of our monthly Case-Shiller charts, including interactive charts of all 20 cities.
Here’s an interactive graph of all twenty Case-Shiller-tracked cities, courtesy of Tableau Software (check and un-check the boxes on the right):
Eleven of thirty Case-Shiller-tracked cities are now in positive YOY territory: Phoenix, Los Angeles, San Diego, San Francisco, Denver, Washington DC, Atlanta, Boston, Minneapolis, Cleveland, and Dallas.
In April, seventeen of the twenty Case-Shiller-tracked cities experienced smaller year-over-year drops (or saw year-over-year increases) than Seattle (one more than March):
- San Francisco at +18.0%
- San Diego at +11.7%
- Minneapolis at +9.5%
- Los Angeles at +7.8%
- Washington, DC at +7.3%
- Cleveland at +6.8%
- Phoenix at +5.4%
- Boston at +4.9%
- Denver at +4.4%
- Dallas at +3.3%
- Atlanta at +0.2%
- Portland at -0.4%
- Miami at -0.5%
- New York at -1.0%
- Chicago at -1.6%
- Charlotte at -2.2%
- Tampa at -2.4%
Only two cities experienced home prices falling faster year-over-year than Seattle in April: Detroit and Las Vegas. Some company.
Here’s an 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 thirty-two months since the price peak in Seattle prices have declined 24.5%, slightly less than last month.
Here’s a complementary chart to that last one. This one shows the total change in the index since last March for the same twelve markets as the peak decline chart.
Looks like the impending expiration of free money was enough to squeeze out a little boost in most markets.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 06.29.2010)