Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to April data, Seattle-area home prices were:
Up 1.1% May to June
Up 8.6% YOY.
Down 11.6% from the July 2007 peak
Last year prices rose 1.8% from May to June and year-over-year prices were up 11.8%.
The June data shows continued cooling in the crazy home price gains we had been seeing, with the year-over-year level dropping to its lowest level since December 2012.
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 fell from #5 in May to #9 in June. New York, Chicago, Las Vegas, Detroit, Tampa, Denver, Dallas, and Portland all saw home prices rise more between May and June than they did in Seattle.
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 June, eight of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (one fewer than May):
- Las Vegas at +15.2%
- San Francisco at +12.9%
- Miami at +11.5%
- Los Angeles at +10.5%
- Detroit at +10.3%
- San Diego at +10.2%
- Portland at +9.2%
- Tampa at +9.1%
Ten cities gained less than Seattle as of June: New York, Chicago, Las Vegas, Detroit, Tampa, Denver, Dallas, and Portland.
Here’s the interactive chart of the raw HPI for all twenty cities through June.
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 eighty-two months since the price peak in Seattle prices have declined 11.6%.
Lastly, let’s see what month in the past Seattle’s current prices most compare to. As of June 2014, Seattle prices are right around where they were in March 2006.
Check back tomorrow for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 08.26.2014)