Image via Seattle Mag
The latest Case-Shiller Index report for November 2017 is in and it shows that Seattle continues to lead the nation in price increase. Seattle’s 12.7 percent price increase from November 2016 remains well above the national average of 6.2 percent. Seattle has now led the nation for 15 months, the longest streak in the U.S. since San Francisco’s run 17 years ago.
The national index has registered annual gains of 5 percent or more for 16 months –during this time Seattle has seen the steepest increases. Following Seattle is Las Vegas at 10.6 percent and San Francisco at 9.1 percent. Of the 20 metropolitan areas measured, Washington, D.C. recorded the lowest increase at just 3.3 percent.
Home prices may be continuing to rise in the Seattle area, however, rental rates are now dropping for the first time this decade according to The Seattle Times. The amount of new construction is leaving apartments units empty in some of Seattle’s hottest neighborhoods.
When compared to the previous quarter, rents dipped more than 6 percent in popular Seattle neighborhoods like First Hill, Downtown, Belltown, South Lake Union, and Ballard; in addition to Redmond and the Issaquah/Sammamish area.
Although there is a dip in some places, rents still increased by 4.5 percent region-wide, the slowest year-over-year growth since 2011. It appears as if the rental slowdown will continue as long as new apartment developments continue to outpace renters.