Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to May data, Seattle-area home prices were:
Up 2.6% April to May.
Up 0.6% YOY.
Down 28.6% from the July 2007 peak
Last year prices rose 1.1% from April to May and year-over-year prices were down 7.0%.
I’ll be the first to point out that I was wrong. Back in March when January’s data came out (and prices were still hitting new lows), I said that “I would not be surprised to see us hit zero year-over-year by April.” I was off by one month. It took until May. Note that even when the tax credit was in play, Seattle’s Case-Shiller HPI did not manage to break into the black year-over-year.
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):
In May every city gained. Seattle came in slightly above the average, but not in the top tier with Chicago, Atlanta, and San Francisco.
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, ten of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (versus eleven in April):
- Phoenix at +11.5%
- Minneapolis at +4.7%
- Dallas at +3.8%
- Denver at +3.7%
- Miami at +3.4%
- Washington, DC at +2.8%
- Tampa, FL at +2.5%
- Charlotte at +0.9%
- San Francisco at +0.6%
- Detroit at +0.6%
Eight cities gained less than Seattle (or were falling) as of May: Portland, Cleveland, Boston, San Diego, Los Angeles, New York, Chicago, Las Vegas, and Atlanta.
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 fifty-eight months since the price peak in Seattle prices have declined 28.6%.
Lastly, let’s see just how far back Seattle’s home prices have “rewound.” As of May: November 2004.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 07.31.2012)