Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to August data, Seattle-area home prices were:
0.0% Change July to August
Up 6.6% YOY.
Down 11.1% from the July 2007 peak
Last year at this time prices were still rising. They increased 0.5% from July to August and year-over-year prices were up 13.2% (the highest point gains have hit since late 2006).
The August data shows a continued cooldown in the crazy home price gains we had been seeing, with the year-over-year level dropping to its lowest level since October 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 #12 in July to #16 in August. Detroit, Dallas, Denver, Las Vegas, New York, Atlanta, Chicago, Portland, Miami, Minneapolis, Cleveland, Tampa, Phoenix, Boston, and Washington DC all saw home prices rise more between July and August 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 August, seven of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (two fewer than July):
- Miami at +10.5%
- Las Vegas at +10.1%
- San Francisco at +9.0%
- Dallas at +7.3%
- Portland at +7.2%
- Detroit at +7.0%
- Los Angeles at +6.8%
Twelve cities gained less than Seattle as of August: Denver, San Diego, Tampa, Atlanta, Boston, Phoenix, Minneapolis, New York, Washington, Chicago, Charlotte, and Cleveland.
Here’s the interactive chart of the raw HPI for all twenty cities through August.
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-four months since the price peak in Seattle prices have declined 11.1%.
Lastly, let’s see what month in the past Seattle’s current prices most compare to. As of August 2014, Seattle prices are still roughly right around where they were in March 2006.
Check back later this week for a post on the Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 10.28.2014)