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Seattle Home Values “Hottest” in U.S. as Study Shows Most Metropolitan Areas Experience Summer Swoon
As reported in the NWREporter November 2007
Despite steady slowing, the annual growth rate of housing values in the Seattle metropolitan area outpaced 19 other metro areas in a comparison of year-over-year price changes. Only four other metro areas – Atlanta, Charlotte, Dallas and Portland – joined Seattle in registering positive annual returns.
Data through July released last month by Standard & Poor's for its S&P/Case-Shiller® Home Price Indices, the leading measure of U.S. home prices, shows a continuation of negative annual returns. The 10-City Composite fell 4.5 percent versus July 2006, while the 20-City Composite dropped 3.9 percent over the same timeframe. Both composite indices have registered negative annual growth rates since the beginning of the year. In addition, rate of decline for both indices has become larger in each of the seven months from January through July.
|
Metropolitan
Area
|
July 2007
Level
|
July/June
Change (%)
|
June/May
Change (%)
|
1-year
Change (%)
|
|
Atlanta
|
136.47
|
0.3%
|
0.8%
|
1.2%
|
|
Boston
|
171.79
|
0.3%
|
0.2%
|
-3.4%
|
|
Charlotte
|
135.60
|
0.4%
|
1.2%
|
6.0%
|
|
Chicago
|
166.14
|
0.1%
|
0.2%
|
0.9%
|
|
Cleveland
|
119.04
|
0.5%
|
0.0%
|
-3.6%
|
|
Dallas
|
126.35
|
-0.1%
|
0.8%
|
0.8%
|
|
Denver
|
139.23
|
0.8%
|
1.3%
|
-0.7%
|
|
Detroit
|
111.30
|
1.3%
|
-1.8%
|
-9.7%
|
|
Las Vegas
|
219.91
|
-0.9%
|
-1.3%
|
-6.1%
|
|
Los Angeles
|
260.84
|
-0.5%
|
-0.4%
|
-4.8%
|
|
Miami
|
260.39
|
-1.7%
|
-1.7%
|
-6.4%
|
|
Minneapolis
|
164.86
|
0.3%
|
0.0%
|
-3.4%
|
|
New York
|
207.11
|
-1.0%
|
-0.6%
|
-3.8%
|
|
Phoenix
|
210.78
|
-0.8%
|
-0.7%
|
-7.3%
|
|
Portland
|
186.51
|
0.4%
|
0.3%
|
3.8%
|
|
San Diego
|
229.67
|
-0.7%
|
-0.2%
|
-7.8%
|
|
San Francisco
|
208.64
|
-0.4%
|
-.0.7%
|
-4.1%
|
|
Seattle
|
192.30
|
0.2%
|
0.7%
|
6.9%
|
|
Tampa
|
217.22
|
-1.0%
|
-1.2%
|
-8.8%
|
|
Washington
|
231.87
|
-0.9%
|
-0.6%
|
-7.2%
|
|
Composite – 10
|
215.94
|
-0.6%
|
-0.5%
|
-4.5%
|
|
Composite – 20
|
198.44
|
-0.4%
|
-0.4%
|
-3.9%
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"The decline in home prices clearly continued into the summer months," says Robert J. Shiller, Chief Economist at MacroMarkets LLC. "The year-over-year decline reported for the 10-City Composite is the lowest since July 1991. The lowest annual decline in this Index, which dates back to January 1987, was -6.3%, which was reported in April 1991.
The further deceleration in prices is still apparent across the majority of regions, according to analysts, with 16 of the 20 metro areas showing a drop in their annual growth rate from what was reported in June."
The S&P/Case-Shiller ® Home Price Indices are revised for the 24 prior months, based on the receipt of additional source data. More than 20 years of history for these data series is available, and can be accessed in full by going to www.homeprice.standardandpoors.com.
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data.
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