Case-Shiller: Seattle Home Prices Climb Steadily in July

Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to July data, Seattle-area home prices were:

Up 0.5% June to July
Up 7.3% YOY.
Down 4.7% from the July 2007 peak

Last year at this time prices rose 0.5% month-over-month and year-over-year prices were up 7.1%.

The Seattle area’s month-over-month home price changes shrank slightly again June to July, while the year-over-year change is still holding steady at pretty much exactly where it’s been since March.

Here’s a Tableau Public interactive graph of the year-over-year change for all twenty Case-Shiller-tracked cities. Check and un-check the boxes on the right to modify which cities are showing:

Seattle’s position for month-over-month changes fell from #9 in June to #16 in July.

Case-Shiller HPI: Month-to-Month

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 July, four of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (one fewer than in June):

  • San Francisco at +10.4%
  • Denver at +10.3%
  • Dallas at +8.7%
  • Portland at +8.5%

Fifteen cities gained less than Seattle as of July: Miami, Las Vegas, Los Angeles, Atlanta, Tampa, San Diego, Detroit, Charlotte, Phoenix, Boston, Minneapolis, Cleveland, New York, Chicago, and Washington.

Here’s the interactive chart of the raw HPI for all twenty cities through July.

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.

Case-Shiller HPI: Decline From Peak

In the ninety-six months since the price peak in Seattle prices are down 4.7%.

Lastly, let’s see what month in the past Seattle’s current prices most compare to. As of July 2015, Seattle prices are approximately where they were in September 2006.

Case-Shiller: Seattle Home Price Index

Check back tomorrow for our monthly look at Case-Shiller data for Seattle’s price tiers.

(Home Price Indices, Standard & Poor’s, 2015-09-29)

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About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.

7 comments:

  1. 1

    This Narrow Strip of Land With Mountains Close by to the East

    Called the Seattle area, has predictable price increases. We’re out of available living space. Even LA doesn’t have that conundrum.

  2. 2
    sleepless says:

    By softwarengineer @ 1:

    This Narrow Strip of Land With Mountains Close by to the East

    Called the Seattle area, has predictable price increases. We’re out of available living space. Even LA doesn’t have that conundrum.

    Southern and northern Puget sound has plenty of livable space. East side as well has plenty of space, especially further east of Renton, Bothell, Woodinvelle. I agree, we lack prime area, but we are far from running out of land to build…

  3. 3
    redmondjp says:

    By sleepless @ 2:

    By softwarengineer @ 1:

    This Narrow Strip of Land With Mountains Close by to the East

    Called the Seattle area, has predictable price increases. We’re out of available living space. Even LA doesn’t have that conundrum.

    Southern and northern Puget sound has plenty of livable space. East side as well has plenty of space, especially further east of Renton, Bothell, Woodinvelle. I agree, we lack prime area, but we are far from running out of land to build…

    Yup. Come on over to Rose Hill just north of Bridal Trails State Park (make sure to have your Flex Pass for the new HOT lanes on 405) and witness it for yourself – plenty of new houses being built everywhere they can stick one, with short-plats-a-plenty. And there will be plenty more apartments built along the future light rail line.

    But keep in mind that there exists this invisible line called the urban growth boundary, just running to the east of most of the Eastside cities. Which is why we will continue to see open spaces inside the UGA get developed.

  4. 4

    By sleepless @ 2:

    By softwarengineer @ 1:

    This Narrow Strip of Land With Mountains Close by to the East

    Called the Seattle area, has predictable price increases. We’re out of available living space. Even LA doesn’t have that conundrum.

    Southern and northern Puget sound has plenty of livable space. East side as well has plenty of space, especially further east of Renton, Bothell, Woodinvelle. I agree, we lack prime area, but we are far from running out of land to build…

    The water presents more of a commute issue than a building issue.

  5. 5

    RE: Kary L. Krismer @ 4

    Yeah, You Can Build on Postage Stamp Sized Lots

    With Houses so close, you can reach out your window and touch your neighbor’s window….sounds like condo living. That’s not the kind of house that should be selling for $500K, no matter where its location is. But they are….even $1,000,000 each on the Eastside. But they come with a communal green belt area, that makes it OK? You just made my point.

  6. 6
    Blurtman says:

    By softwarengineer @ 5:

    RE: Kary L. Krismer @ 4

    Yeah, You Can Build on Postage Stamp Sized Lots

    With Houses so close, you can reach out your window and touch your neighbor’s window….sounds like condo living. That’s not the kind of house that should be selling for $500K, no matter where its location is. But they are….even $1,000,000 each on the Eastside. But they come with a communal green belt area, that makes it OK? You just made my point.

    We’ll see who is swimming naked when the tide goes out.

  7. 7
    David B. says:

    RE: softwarengineer @ 5 – If building more homes on small lots allows more rural land to remain rural instead of becoming urban sprawl, I’m all for it.

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