Home Price Growth Slows in Seattle But Less So in the Metro Area’s Outer Regions

The headlines of the local housing market have recently taken on a different dynamic, as increasing inventory and slowing home price growth has given relief to buyers in what was a frenetic real estate market. But as Seattle Times reports, while buyers in Seattle and the Eastside have experienced price drops and less competition, all it takes is a drive to the outskirts of Puget Sound to find oneself amidst “mostly the same old competitive market.”

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Seattle Home Prices Temper their Pace

At just over 12 percent year-over-year, residential prices in Seattle in July 2018 sustained their rate of increase from June, according to the S&P CoreLogic Case-Shiller Index. The Index showed Las Vegas, Nevada widening its lead nationwide with a twelve-month increase of 13.68 percent. Seattle remained second in the nation at 12.05 percent growth. Competing Pacific Coast gateway cities Los Angeles and San Diego were neck-and-neck, with home price increases of 6.37 percent and 6.18 percent, respectively, while prices in San Francisco rose by 10.8 percent.

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The Seattle Housing Market Shift

As of June 2018, and for the first time in nearly two years, Seattle was dethroned by Las Vegas as the hottest housing market in the country. According to the monthly Case-Shiller home price index, Seattle topped the country for 21 months in a row, setting the second-longest streak for any metro area.

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Lisa WoolvertonComment