Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to August data that was released today, Seattle-area home prices were:
Up 0.5 percent October to November
Up 9.7 percent YOY.
Down 3.2 percent from the July 2007 peak
Over the same period in 2014 prices were down 0.3 percent month-over-month and year-over-year prices were up 5.9 percent.
The Seattle area’s month-over-month home price change was positive in November, which isn’t unheard of for this time of year, but is fairly strong. The last time October to November saw a bigger gain than this was 2005. With these continued gains, the year-over-year price change has now risen to a ninteen-month high.
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 rank for month-over-month changes rose from #6 in October to #3 in November.
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 November, just three of the twenty Case-Shiller-tracked cities gained more year-over-year than Seattle (one fewer than in October):
- Portland at +11.1%
- San Francisco at +11.0%
- Denver at +10.9%
San Francisco, Portland, and Dallas all hit new all-time highs in November.
Sixteen cities gained less than Seattle as of November: Dallas, Miami, Detroit, Los Angeles, San Diego, Tampa, Phoenix, Atlanta, Charlotte, Las Vegas, Minneapolis, Boston, New York, Cleveland, Washington, and Chicago.
Here’s the interactive chart of the raw HPI for all twenty cities through November.
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 one hundred months since the price peak in Seattle prices are down 3.2 percent.
Lastly, let’s see what month in the past Seattle’s current prices most compare to. As of November 2015, Seattle prices are approximately where they were in March 2007.
Check back tomorrow for our monthly look at Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 2016-01-26)