Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to December data, Seattle-area home prices were:
Down 1.3% November to December.
Down 5.6% YOY.
Down 31.9% from the July 2007 peak
Last year prices fell 2.0% from November to December and year-over-year prices were down 6.0%.
Still nothing too surprising here. Some improvement compared to a year ago, but still definitely seeing the seasonal decline.
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):
Only Detroit saw a year-over-year gain in the latest update. DC had been showing gains, but they seem to have corrected their data, and now DC is in the red. In December, Miami joined Phoenix with a month-to-month increase, while everyone else fell.
Seattle came in near the bottom of the stack in month to month losses, while Detroit passed Chicago and Atlanta for the biggest loss.
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 December, sixteen of the twenty Case-Shiller-tracked cities experienced smaller year-over-year drops (or saw increases) than Seattle:
- Detroit at +0.5%
- Denver at -0.4%
- Phoenix at -1.4%
- Dallas at -1.3%
- Washington, DC at -1.6%
- Charlotte at -2.3%
- Cleveland at -2.5%
- Boston at -2.6%
- New York at -2.9%
- Miami at -3.8%
- Portland at -4.0%
- Tampa at -4.3%
- Minneapolis at -4.9%
- Los Angeles at -5.2%
- San Francisco at -5.4%
- San Diego at -5.4%
Just three cities were falling faster than Seattle as of December: Chicago, Las Vegas, and Atlanta (where prices fell 12.8%!).
Here’s the interactive chart of the raw HPI for all twenty cities through December.
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 fifty-three months since the price peak in Seattle prices have declined 31.9%, another new post-peak low.
In closing, here’s a chart you might recall from past posts, showing just how far back Seattle’s home prices have “rewound.” So far: May 2004.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 02.28.2012)