Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to February data, Seattle-area home prices were:
Down 0.2% January to February
Up 9.3% YOY.
Down 26.7% from the July 2007 peak
Last year prices fell 0.8% from January to February and year-over-year prices were down 2.9%.
I was actually expecting a bit of a bump up from January to February, so it’s a little surprising to see a slight drop. I’m 99% certain we’ll see an increase next month though.
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’s position for month-over-month changes dropped slightly from #13 in January to #15 in February.
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 February, twelve of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (one more than January):
- Phoenix at +23.0%
- San Francisco at +18.9%
- Las Vegas at +17.6%
- Atlanta, GA at +16.5%
- Detroit at +15.2%
- Los Angeles at +14.1%
- Minneapolis at +12.0%
- Miami at +10.4%
- San Diego at +10.2%
- Tampa at +10.0%
- Denver at +9.9%
- Portland at +9.4%
Eight cities gained less than Seattle as of February: Dallas, Washington DC, Charlotte, Cleveland, Boston, Chicago, and New York.
Here’s the interactive chart of the raw HPI for all twenty cities through February.
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-seven months since the price peak in Seattle prices have declined 26.7%.
Lastly, let’s see just how far back Seattle’s home prices have “rewound.” As of February: January 2005.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 04.30.2013)