Case-Schiller released their data today with the bold headline that homes are at 2002 prices. While it may be true for a National average, I wasn’t convinced that our region reflected that statement, so I went looking for the truth.
Below is the chart that Case-Schiller released. It shows that prices have declined back to their 2002 prices.
A closer look regionally would not fully support Case-Schiller’s claims. The MLS data for King County allows us to go back to the end of 2003. Average Sold prices are very close to 2003.
This (Below) may be the best evidence that we in King County, Seattle and Bellevue are NOT in alignment with the Case-Schiller report. Back in 2002: King average was at $266K / Seattle at $296K / Bellevue at $372K
Below shows that in 2012: King is at $329K / Seattle is $387K / Bellevue is $512K
Taking this same data (below), one could argue that we are more likely back to 2005 prices.
What do you think? Let me know.