S&P Case-Shiller released their latest home price index last week, which showcases sustained growth for the Seattle market, with the Emerald City leading the nation for the hottest housing market for 11 consecutive months. As Mike Rosenberg of Seattle Times reports, “the Seattle metro area saw single-family home prices surge 13.5 percent during the 12 months ended in July,” according to Case-Shiller.
Seattle Times dove into the top growth factors of our region, which include historically anemic inventory and strong job and population growth thanks to Seattle’s blossoming “Silicon Forest” as companies such as Amazon, Microsoft and Google continue to expand their Pacific Northwest presence. What’s more, new residents with lucrative jobs are “ratcheting up demand, leaving homebuyers to fight it out through bidding wars.”
Following the latest index, William Hillis, Research Editor with Realogics Sotheby’s International Realty reported that “after piling up serial outsized monthly gains, the CoreLogic Case-Shiller home price index for Seattle showed signs of fatigue in July, settling down to a ‘mere’ 0.65 percent monthly rate of growth.” This marked the slowest month-over-month gain since early Spring and was well below the national average of 5.9-percent, though slowdowns are typical in Seattle this time of year.
See how Seattle stacks up to other in the chart below, and download Case Shiller’s summary report for more details.