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Case-Shiller Tiers: Middle Tier Took Biggest Hit in January

Posted on March 26, 2014March 26, 2014 by The Tim

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: < $279,674 (down 1.2%)
  • Mid Tier: $279,674 – $438,716
  • Hi Tier: > $438,716 (down 1.3%)

First up is the straight graph of the index from January 2000 through January 2014.

Case-Shiller Tiered Index - Seattle

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

Case-Shiller Tiered Index - Seattle

After showing the smallest month-over-month decline in December, the middle tier took the biggest month-over-month hit in January. Between December and January, the low tier fell 0.8, the middle tier dropped 1.6%, and the high tier lost 0.2%.

Here’s a chart of the year-over-year change in the index from January 2003 through January 2014.

Case-Shiller HPI - YOY Change in Seattle Tiers

Year-over-year changes slipped a bit for all three tiers in January. Here’s where the tiers sit YOY as of January – Low: +18.5%, Med: +13.0%, Hi: +10.1%.

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 26.8% off peak for the low tier, 19.4% off peak for the middle tier, and 14.7% off peak for the high tier.

(Home Price Indices, Standard & Poor’s, 03.25.2014)

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Case-Shiller: Home Prices Slip Further in January
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Case-Shiller: Home Prices Weakest Since Early 2012

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