Those of you who live in the area are not surprised by the latest report by Case Shiller – Seattle area home prices continue to soar!
For the tenth month in a row, Seattle leads the nation in home price growth. According to the latest Case Shiller report Seattle area home prices are up 13.4 percent from a year ago. Despite the year-over-year gain, prices are up only 1.4 percent from July, the slowest for the Seattle region since the beginning of 2017.
The latest Runstad report shows the statewide median home price rose to $337,700 in the second quarter, a 6.6 percent increase from the same period last year. This is the highest median price ever recorded in the state since last quarter’s previous all time high of $325,300.
Home prices are up in each of the state’s 17 metropolitan counties. Unsurprisingly, King County has the highest median home price in the state at $650,800, a 14.9 percent increase from a year ago. Just 27% of all homes in King County now sell for less than $500,000 compared to only two years ago when about half of the homes sold for under $500,000. Meanwhile, Lincoln County has the state’s lowest median home price at $89,000.
The last time prices rose this fast was the 2006 bubble, however, an immediate reversal in today’s market seems unlikely. With the demand far outweighing the supply, prices will continue to steadily rise.