Seattle-Area Home Price Gains Continue to Lead Nation

Seattle once again led the nation in monthly and annual home price gains, both of which were double the national average. In the Seattle region, home prices grew 13.6 percent in May. Nationally, home prices grew 6.4 percent, the same as April. In Seattle, home values across the region grew 2.2 percent from April to May.

The West Coast saw the highest annual gains out of the top 20 cities recorded in the Case-Shiller home price index. Las Vegas and San Francisco followed Seattle with gains of 12.6 percent and 10.9 percent.

Back in May, the average house cost a record-setting $830,000 in Seattle, but went down to $813,000 in June. On the Eastside, prices grew 10.5 percent from $960,000 in May, to a new record high of $978,000 in June. The median Snohomish County house is currently at $511,000 and $351,000 in Pierce County.

Seattle’s 21-month streak is the second longest streak since the Case-Shiller data began in 1987. It was previously tied with San Francisco’s 20-month streak during the dot-com bubble between 1991 and 2001. The longest streak belongs to Portland, which had a 23-month streak from 1990 to 1992.

Despite the continued home price growth reported in Case-Shiller reports, the latest data is only through April 2018, so it is not completely up to date with the Seattle-area’s inventory growth.

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