Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to February data that was released this morning, Seattle-area home prices were:
Up 1.7 percent January to February
Up 12.7 percent year-over-year.
Up 23.9 percent from the July 2007 peak
Over the same period last year prices were up 1.8 percent month-over-month and year-over-year prices were up 12.1 percent.
Seattle leads the nation in both year-over-year and month-over-month home price growth. The only other metro areas with double-digit price growth from a year earlier are Las Vegas at 11.6 percent and San Francisco at 10.1 percent.
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 fell off steeply late last year but jumped back to #1 in February.
Hit the jump for the rest of our monthly Case-Shiller charts, including the interactive chart of raw index data for all 20 metro areas.
Seattle’s year-over-year price growth is still the highest in the nation. The streak has been alive for eighteen months.
Ten metro areas hit new all-time highs in February: Los Angeles, San Diego, San Francisco, Denver, Atlanta, Boston, Charlotte, Portland, Dallas, and Seattle. February marks the first time that Los Angeles and San Diego have passed their 2005/2006 high points.
Here’s the interactive chart of the raw HPI for all twenty metro areas through February.
Here’s an update to the peak-decline graph, inspired by a graph created by reader CrystalBall. This chart takes the twelve metro areas 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 127 months since the 2007 price peak in Seattle prices are up 23.9 percent.
Lastly, let’s see how Seattle’s current prices compare to the previous bubble inflation and subsequent burst. Note that this chart does not adjust for inflation.
Here’s the story on this month’s numbers from the Seattle Times: Seattle-area home price growth from current boom has surpassed last decade’s bubble
Check back tomorrow for our look at Case-Shiller data for Seattle’s price tiers.
(Home Price Indices, Standard & Poor’s, 2018-04-24)