Condo prices (red line) have risen “only” 6.6% year-over-year, less than half the rate of house prices:.

High-tier house prices (green line) show slower price movements, up and down, though they too have spiked recently.

During Housing Bubble 1, they also collapsed the fastest and the most.

Low-tier house prices (black line) skyrocketed faster than the others and quintupled since January 2000, for another WTF moment.

There has been a big divergence in recent years, following the same formula during Housing Bubble 1 before it imploded: The overall index value for Los Angeles of 333 indicates that house prices skyrocketed by 233% since January 2000, despite the collapse in the middle, which makes Los Angeles the most splendid housing bubble on this list. Prices of single-family houses in the Los Angeles metro jumped by 2.3% in March from February and by 13.4% year-over-year. The long-term Queen of House Price Inflation: Los Angeles: House prices have more than tripled (+215%) since January 2000: Year-over-year, the index has spiked by 18.3%, the third-hottest annual house price inflation on this list, after Phoenix (+20.0%) and San Diego (+19.1%). House prices in the Seattle metro spiked by 4.7% in March from February, the largest month-to-month spike of house price inflation in the data going back to 1990, after having spiked 2.8% in February from January, to create a new WTF moment. The March Queen of House Price Inflation: Seattle. And that’s what we’re looking at, not a miracle of some sort, but house price inflation. This makes the index a measure of house price inflation. The index tracks the amount of dollars it takes to buy the same house over time.

Home improvements are taken into account. The Case-Shiller Index is based on the “sales pairs method,” comparing the sales price of a house in the current month to the price of the same house when it sold previously.

The National Case-Shiller Home Price Index today is based on a three-month average of sales recorded in public records in January, February, and March.

The national average doesn’t do justice to the craziness in specific housing markets, but it’s crazy enough: House prices soared by 13.2% from a year ago, the biggest increase since December 2005, on the eve before it all came unglued starting in 2006. But condo prices in the San Francisco Bay Area fell year-over-year again, and in New York City have been flat for years.

Homescapes level 106 bubbles