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Home Prices: Is Seattle Setting a Trend?

Home Latest News
By Suzanne De Vita
August 5, 2019
Reading Time: 2 mins read
3
Home Prices: Is Seattle Setting a Trend?

View of Downtown Seattle at sunset

Home prices remain on the rise, but in declining increments—and in one market, annual gains recently reversed trend, according to the latest S&P CoreLogic/Case-Shiller Indices.

In May, home prices rose 3.4 percent year-over-year, according to Case-Shiller’s National Index, accounting for the nine Census-designated regions. In April, the Index posted 3.5 percent. In the country’s 20 major markets, home prices rose 2.4 percent year-over-year, and in the 10 major markets, rose 2.2 percent.

According to Philip Murphy, S&P’s global head of Index Governance and managing director, appreciation continues to rein in, but with local nuances. For instance, in Las Vegas and Phoenix, the pace of prices remains strong, but in Seattle, prices slid, in “the first negative year-over-year change recorded in a major city in a number of years,” Murphy says.

“Nationally, year-over-year home price gains were lower in May than in April, but not dramatically so, and a broad-based moderation continued,” Murphy says, adding “though home price gains seem generally sustainable for the time being, there are significant variations between year-over-year rates of change in individual cities.”

As for movement in Seattle, “whether negative year-over-year rates of change spread to other cities remains to be seen,” he says.

“The U.S. housing market cooldown continued in May, signaling the longest period of price growth anemia since the Great Recession,” says Ralph McLaughlin, deputy chief economist and executive of Research and Insights at CoreLogic. “However, coupled with the recent drop in mortgage rates and incomes rising faster than inflation, the transition to a more balanced market should allow the industry to enter a period of sustainability into the foreseeable future.”

The complete data for the 20 markets measured by S&P: 

Atlanta, Ga.
MoM: 0.7%
YoY: 4.7%

Boston, Mass.
MoM: 0.5%
YoY: 3.6%

Charlotte, N.C.
MoM: 1%
YoY: 4.5%

Chicago, Ill.
MoM: 0.8%
YoY: 1.6%

Cleveland, Ohio
MoM: 1.4%
YoY: 3.6%

Dallas, Texas
MoM: 0.5%
YoY: 2.6%

Denver, Colo.
MoM: 0.6%
YoY: 3.6%

Detroit, Mich.
MoM: 1.2%
YoY: 4%

Las Vegas, Nev.
MoM: 0.6%
YoY: 6.4%

Los Angeles, Calif.
MoM: 0.8%
YoY: 1.9%

Miami, Fla.
MoM: 0.2%
YoY: 3.3%

Minneapolis, Minn.
MoM: 1.7%
YoY: 3.6%

New York, N.Y.
MoM: 0%
YoY: 1.9%

Phoenix, Ariz.
MoM: 0.7%
YoY: 5.7%

Portland, Ore.
MoM: 1%
YoY: 2.4%

San Diego, Calif.
MoM: 1%
YoY: 1.3%

San Francisco, Calif.
MoM: 0.3%
YoY: 1%

Seattle, Wash.
MoM: 1%
YoY: -1.2%

Tampa, Fla.
MoM: 0.1%
YoY: 5.1%

Washington, D.C.
MoM: 0.7%
YoY: 2.9%

Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com.

Tags: Case-ShillerCoreLogicHome PricesHousing AffordabilityHousing MarketReal Estate Market
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Suzanne De Vita

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Comments 3

  1. Homer Goodboy says:
    4 years ago

    Seattle is crime infested

    Reply
  2. Paula Cirulli says:
    4 years ago

    Nashville may not be the size of these cities, but it is frustrating when it is not listed in most of the major markets.  The city and the region are huge draws for businesses and I would appreciate having the information stated here.  I am have been a Realtor here for over 32 years and would love to know the statistics moving forward.  The population of Nashville is 691,000 as of 2017 and Charlotte, NC is 859,000 as of 2017.  Nashville continues to grow (and the whole Middle Tennessee region).  
    Can you report Nashville in your statistics?

    Reply
  3. sal gizzo says:
    4 years ago

    Comment, what is the growth in fort lauderdale florida each year, thanks

    Reply

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