Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to September data, Seattle-area home prices were:
Down 0.2% August to September
Up 6.0% YOY.
Down 11.3% from the July 2007 peak
Last year at this time prices were still rising. They increased 0.3% from August to September and year-over-year prices were up 13.2% (the highest point gains have hit since late 2006).
Year-over-year prie gains continued to shrink thanks to month-over-month changes that were once again smaller than last year. We’re in the typical fall/winter cooldown period now, just a couple months earlier than we were last year.
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 was steady at #16 in September. Miami, Charlotte, Las Vegas, Dallas, Denver, Tampa, Portland, Cleveland, Minneapolis, Los Angeles, New York, Boston, San Diego, Phoenix, and Detroit all saw home prices rise more or fall less between August and September 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 September, six of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (one fewer than August):
- Miami at +10.3%
- Las Vegas at +9.1%
- San Francisco at +7.9%
- Dallas at +7.4%
- Portland at +6.7%
- Denver at +6.2%
Thirteen cities gained less than Seattle as of September: Los Angeles, Tampa, San Diego, Detroit, Atlanta, Boston, Charlotte, Minneapolis, Phoenix, New York, Chicago, Washington, and Cleveland.
Here’s the interactive chart of the raw HPI for all twenty cities through September.
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-five months since the price peak in Seattle prices have declined 11.3%.
Lastly, let’s see what month in the past Seattle’s current prices most compare to. As of September 2014, Seattle prices are still roughly 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, 11.25.2014)