HOUSING PRICES - PACIFIC NORTHWEST

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SEATTLE MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices nearly doubled - up 92%, or 8.8% annualized.

Peak to Trough: Decline of 33%, or (8.7)% annualized.

Trough to Current: Home prices surging again - recovering all price losses and up 90%, or 9.0% annualized.

Current from Peak: Home prices are now 27% above peak.

HPI Price Walk - Low Tier:

2000 to Peak: Home prices doubled - up 102%, or 9.5% annualized.

Peak to Trough: Decline of 44%, or (12.2)% annualized.

Trough to Current: Home prices surging again - recovering all price losses and up 122%, or 11.6% annualized.

Current from Peak: Home prices are now 24% above peak.

Trends in Yearly Home Prices:  Significant rises in home prices prior to Great Recession. Significant declines in home prices during Great Recession. Strong bounce-back spike in home prices followed by continued strong price gains.

Trends in Yearly Home Prices: Significant rises in home prices prior to Great Recession. Significant declines in home prices during Great Recession. Strong bounce-back spike in home prices followed by continued strong price gains.

HPI Tiers:   All price tiers show significant increases.  All price tiers are above their pre-recession peaks.  These trends are relatively unique to Seattle. While most MSAs are seeing dramatic increases in the low price tier, Seattle is experiencing this across all price tiers.

HPI Tiers:

All price tiers show significant increases. All price tiers are above their pre-recession peaks. These trends are relatively unique to Seattle. While most MSAs are seeing dramatic increases in the low price tier, Seattle is experiencing this across all price tiers.

Home Affordability: Home affordability is much more costly than U.S. averages.

Home "P/E" ratio = 5.2X. Median home purchase is +5X median family income compared to 3.7X for U.S.

HOI = 35.6%. Only ~36% of families can afford median priced home (NAHB HOI).

HPI vs. CPI:   Housing prices have risen significantly above pre-recession peak. Following short duration trough, housing prices are rising quite rapidly.

HPI vs. CPI:

Housing prices have risen significantly above pre-recession peak. Following short duration trough, housing prices are rising quite rapidly.


PORTLAND MSA

HPI Price Walk - All Tiers:

2000 to Peak: Home prices nearly double and up 87%, or 8.3% annualized.

Peak to Trough: Decline of 31%, or (7.9)% annualized.

Trough to Current: Home prices surging again - recovering all price losses and up 80%, or 8.2% annualized.

Current from Peak: Home prices are now 24% above peak.

HPI Price Walk - Low Tier:

2000 to Peak: Home prices double and up 100%, or 9.1% annualized.

Peak to Trough: Decline of 36%, or (10.3)% annualized.

Trough to Current: Home prices surging again - recovering all price losses and up 126%, or 11.6% annualized.

Current from Peak: Home prices are now 44% above peak.

Trends in Yearly Home Prices:  Significant rises in home prices prior to Great Recession. Significant declines in home prices during Great Recession. Strong bounce-back spike in home prices followed by strong price gains.

Trends in Yearly Home Prices: Significant rises in home prices prior to Great Recession. Significant declines in home prices during Great Recession. Strong bounce-back spike in home prices followed by strong price gains.

HPI Tiers:   All price tiers show significant increases.  All price tiers are above their pre-recession peaks.  Of note, the Low and Mid tiers are experiencing the most dramatic price increases compared to any other MSA.

HPI Tiers:

All price tiers show significant increases. All price tiers are above their pre-recession peaks. Of note, the Low and Mid tiers are experiencing the most dramatic price increases compared to any other MSA.

Home Affordability: Home affordability is much more costly than U.S. averages.

Home "P/E" ratio = 4.7X. Median home purchase is ~5X median family income compared to 3.7X for U.S.

HOI = 33.9%. Only ~34% of families can afford median priced home (NAHB HOI).

HPI vs. CPI:   Housing prices have risen significantly above pre-recession peak. Following short duration trough, housing prices are rising quite rapidly.

HPI vs. CPI:

Housing prices have risen significantly above pre-recession peak. Following short duration trough, housing prices are rising quite rapidly.