Seattle has retained its spot as the nation’s hottest housing market for its 14th consecutive month. This is the longest streak for any metro area in the country since 2001. According to the latest Case-Shiller report single family home prices were up 12.7% in October compared to that of the year before. Nationally, home prices are up 6.2% which is three times the rate of inflation and the biggest increase in over three years.
Rounding out the top five were Las Vegas, up 10.2 percent; San Diego, up 8.1 percent; San Francisco, up 7.7 percent; and Denver, up 7.2 percent. Portland fell out of the top five for the first time in years with a 6.5% increase.
Despite the large year over year gain, home prices dropped 0.1% from September 2017 to October 2017 in Seattle. However, when adjusted for normal seasonal changes, prices grew 0.6%, falling in line with the national average. Nonetheless, Seattle is still dealing with high demand and low supply due to the rapid migration to the region and insufficient condominium construction.