Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to June data,
Flat May to June (up 0.01%).
Down 1.8% YOY.
Down 23.6% from the July 2007 peak
Last year prices rose 0.4% from May to June and year-over-year prices were down 16.1%.
Considering that June was the last month of the tax credit, I actually expected to see about a 1% month-to-month bump. I’m rather surprised that Seattle was flat.
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 actually turned down slightly on this chart in June. Year-over-year, Portland came in at +0.2%, Los Angeles at +9.2%, and San Diego at +11.2%. Seattle is still the only West Coast Case-Shiller city still falling year-to-year.
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):
Fifteen of thirty Case-Shiller-tracked cities are now in positive YOY territory: Phoenix, Los Angeles, San Diego, San Francisco, Denver, Washington DC, Miami, Atlanta, Boston, Detroit, Minneapolis, New York, Cleveland, Portland, and Dallas. Yes, even Detroit is outperforming Seattle YOY. Ouch.
In June, seventeen of the twenty Case-Shiller-tracked cities experienced smaller year-over-year drops (or saw year-over-year increases) than Seattle (three more than May):
- San Francisco at +14.3%
- San Diego at +11.2%
- Minneapolis at +10.7%
- Los Angeles at +9.2%
- Washington, DC at +7.3%
- Phoenix at +6.0%
- Boston at +3.4%
- Atlanta at +2.0%
- Denver at +1.8%
- Dallas at +1.2%
- Miami at +1.1%
- Cleveland at +0.8%
- Detroit at +0.8%
- New York at +0.2%
- Portland at +0.2%
- Chicago at -0.1%
- Tampa at -1.6%
Falling faster than Seattle as of June: Charlotte, and Las Vegas.
Here’s an 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 thirty-four months since the price peak in Seattle prices have declined 23.6%, 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.
Still a bit of a boost, but not nearly the spike I was expecting to see across the board for the last month of the tax credit. Even San Francisco, which has been going gangbusters, tapered off for just a slight bump in June.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 08.31.2010)