local real estate news, statistics, and commentary without the sales spin.
Statistics, number-based analysis, etc.
Now that September is in the books, let’s have a look at our monthly stats preview.
Sales were basically flat month-over-month, but still up double-digits from a year ago, while inventory in both counties saw the biggest year-over-year decline in more than two years. Foreclosure notices in both counties bumped up a little month-over-month and year-over-year…
Let’s check out the three price tiers for the Seattle area, as measured by Case-Shiller. Remember, Case-Shiller’s “Seattle” data is based on single-family home repeat sales in King, Pierce, and Snohomish counties.
All three tiers were up month-over-month yet again in July. However, the gains in all three tiers were much smaller than they have been for the previous few months…
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
…
Here’s an updated look at the “affordable home” price chart.
In this graph I flip the variables in the affordability index calculation around to other sides of the equation to calculate what price home the a family earning the median household income could afford to buy at today’s mortgage rates if they put 20% down and spent 30% of their monthly income.
The “affordable” home price hit $496,051 back in April, but has since dropped off…
Don’t forget, you can get access to the spreadsheets used to make the charts in this and other posts by becoming a member of Seattle Bubble. It’s been a few months since we took a look at the local affordability index. So, let’s have a new look at all of our affordability index charts. As…