Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to November data, Seattle-area home prices were:
Up 0.5% October to November.
Up 7.4% YOY.
Down 25.9% from the July 2007 peak
Last year prices fell 1.2% from October to November and year-over-year prices were down 6.3%.
It is a bit surprising to see prices increase between October and November. The last time that happened was in 2005, right in the peak of the buying frenzy (but a couple of years before prices peaked).
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 moved toward the front of the pack for month-over-month changes in November.
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 November, ten of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (the same number as October):
- Phoenix at +22.8%
- San Francisco at +12.7%
- Detroit at +11.9%
- Minneapolis at +11.1%
- Las Vegas at +10.0%
- Miami at +9.9%
- San Diego at +8.0%
- Denver at +7.8%
- Los Angeles at +7.7%
- Atlanta, GA at +7.6%
Nine cities gained less than Seattle (or were falling) as of November: Tampa, Portland, Dallas, Charlotte, Washington DC, Boston, Cleveland, Chicago, and New York. New York is now the only city still falling year-over-year.
Here’s the interactive chart of the raw HPI for all twenty cities through November.
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 sixty-four months since the price peak in Seattle prices have declined 25.9%.
Lastly, let’s see just how far back Seattle’s home prices have “rewound.” As of November: Still basically February 2005.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 01.29.2013)