Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to December data, Seattle-area home prices were:
Down less than 0.1% November to December
Up 6.6% YOY.
Down 11.7% from the July 2007 peak
Last year at this time prices fell 0.5% month-over-month and year-over-year prices were up 12.4%.
Year-over-year price gains edged up again in December thanks to a nearly flat month-over-month in 2014 compared to a decline the year earlier. In 2013 prices peaked in September and had fallen 1.0 percent by December. In 2014 prices peaked in July, but had declined by just 0.7 percent as of December.
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 rose from #15 in November to #14 in December. Miami, Denver, San Francisco, Los Angeles, Phoenix, Atlanta, Charlotte, Portland, Tampa, Washington, Dallas, Detroit, and New York all saw home prices rise more or fall less between November and December 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 December, six of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (one less than in November):
- San Francisco at +9.3%
- Miami at +8.4%
- Denver at +8.1%
- Dallas at +7.5%
- Las Vegas at +6.9%
- Portland at +6.8%
Thirteen cities gained less than Seattle as of December: Tampa, Los Angeles, Atlanta, San Diego, Boston, Charlotte, Detroit, Phoenix, New York, Minneapolis,
Cleveland, Washington, and Chicago.
Here’s the interactive chart of the raw HPI for all twenty cities through December.
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-eight months since the price peak in Seattle prices have declined 11.7%.
Lastly, let’s see what month in the past Seattle’s current prices most compare to. As of December 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, 02.24.2015)