Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to March data, Seattle-area home prices were:
Up 3.0% February to March
Up 10.6% YOY.
Down 24.5% from the July 2007 peak
Last year prices rose 1.7% from February to March and year-over-year prices were down 1.3%.
There’s the big bump we were expecting to see. A three percent jump in a single month is pretty huge, especially for the Case-Shiller index, in which each month’s data point is a three-month average.
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 shot up from #15 in February to #2 in March.
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 March, eleven of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (one fewer than February):
- Phoenix at +22.5%
- San Francisco at +22.2%
- Las Vegas at +20.6%
- Atlanta, GA at +19.1%
- Detroit at +18.5%
- Los Angeles at +16.6%
- Portland at +12.8%
- Minneapolis at +12.5%
- San Diego at +12.1%
- Tampa at +11.8%
- Miami at +10.7%
Nine cities gained less than Seattle as of March: Denver, Chicago, Washington DC, Charlotte, Dallas, Boston, Cleveland, and New York.
Here’s the interactive chart of the raw HPI for all twenty cities through March.
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-eight months since the price peak in Seattle prices have declined 24.5%.
Lastly, let’s see just how far back Seattle’s home prices have “rewound.” As of March: March 2005.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 05.28.2013)