local real estate news, statistics, and commentary without the sales spin.
You’ve probably heard about the asinine legal threat that Zillow lawyers sent to the architecture criticism blog McMansion Hell (currently offline), a popular blog that provides entertaining and educational commentary and criticism of the scourge of the McMansion. If you’re in the dark, allow me to summarize the events of earlier this week, with some of my own speculation and opinion thrown in (indicated in italics below)…
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 have basically been skyrocketing month-over-month since January. Not a great sign for anyone hoping for a slowdown this year.
Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to March data that was released this morning, Seattle-area home prices were:
Up 2.6 percent March to April
Up 12.9 percent year-over-year.
Up 15.7 percent from the July 2007 peak
Over the same period last year prices were up 2.1 percent month-over-month and year-over-year prices were up 10.7 percent.
Seattle home prices as measured by Case-Shiller shot up yet again to a new all-time high in April, and let the nation in month-over-month and year-over-year price gains for the third month in a row. We’re also the only market still seeing double-digit year-over-year price gains. #SeattleIsSpecial
May market stats have been published by the NWMLS this morning. Here’s their press release: Brokers suggest improving inventory may mean”season of opportunity” for weary house hunters
Pending sales have now been down year-over-year for four months in a row, but for three of those four months, closed sales have increased, which is certainly a bit odd. Perhaps this is indicative of a shift from last year toward fewer pending sales falling through. I’ll see if I can find anything else interesting in the data about that…
NWMLS posted their stats this morning, but first here are our regular monthly “preview” charts. Now that May is behind us let’s take a look at the local housing market stats for the month. Short story: Sales shot up, listings improved a little but are still scarce…