Case-Shiller Tiers: Low Tier Gains, Middle Tier Loses

Let’s check out the three price tiers for the Seattle area, as measured by Case-Shiller. Remember, Case-Shiller’s “Seattle” data is based on single-family home repeat sales in King, Pierce, and Snohomish counties.

Note that the tiers are determined by sale volume. In other words, 1/3 of all sales fall into each tier. For more details on the tier methodologies, hit the full methodology pdf. Here are the current tier breakpoints:

  • Low Tier: < $252,611 (down 0.6%)
  • Mid Tier: $252,611 – $403,620
  • Hi Tier: > $403,620 (down 0.6%)

First up is the straight graph of the index from January 2000 through February 2013.

Case-Shiller Tiered Index - Seattle

Here’s a zoom-in, showing just the last year:

Case-Shiller Tiered Index - Seattle

The middle tier took a bit of a hit in February, the high tier was basically flat, and the low tier increased. Between January and February, the low tier rose 0.5%, the middle tier was down 0.7%, and the high tier lost 0.1%.

Here’s a chart of the year-over-year change in the index from January 2003 through February 2013.

Case-Shiller HPI - YOY Change in Seattle Tiers

The biggest gainer in year-over-year growth was the high tier this month, which had a 1.5-point boost. Here’s where the tiers sit YOY as of February – Low: +10.0%, Med: +10.5%, Hi: +9.0%.

Lastly, here’s a decline-from-peak graph like the one posted yesterday, but looking only at the Seattle tiers.

Case-Shiller: Decline from Peak - Seattle Tiers

Current standing is 37.9% off peak for the low tier, 29.1% off peak for the middle tier, and 22.5% off peak for the high tier.

(Home Price Indices, Standard & Poor’s, 04.30.2013)

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About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.