Seattle real estate prices rose faster than any other city in the country except Phoenix for the sixth consecutive year in midsummer. Prices in Counties King, Pierce, and Snohomish rose 7% year over year in July. This is evident from the recent publication of the S&P CoreLogic Case-Shiller Home Price Index.
July also marked the ninth straight month that property prices in the Seattle area exceeded the national average. Nationwide, real estate prices rose by an average of 4.8%. Prices rose in each of the 19 major cities Case-Shiller tracks. The average price increase among these metros was 3.9% compared to the previous year. (Typically Case-Shiller studies house prices in 20 subway areas, but no data has been available for the Detroit subway area since the pandemic began.)
Real estate price growth in the Seattle area accelerated slightly in July compared to the previous month, a trend that can be seen nationally, S&P chief executive Craig Lazzara said in a statement.
"In the past few months we have noticed that in August 2019 a trend towards accelerated increases began," said Lazzara. "This trend was interrupted in May and June (2020) when price gains slowed slightly but may now have resumed.
"Obviously, more data is needed before we can say for sure that a COVID-related delay is behind us."
The US real estate market "was embroiled in a" perfect storm "during the COVID-19 pandemic," CoreLogic deputy chief economist Selma Hepp said in an increased demand statement, "driven by the need for indoor and outdoor space, which has been proven to be covered by low mortgage rates and a wave of millennials about to buy – all competing for fewer and fewer houses in the market. "
In the three-county Seattle area, the cheapest homes continue to be the hottest goods on the market. Prices rose nearly 10% year-over-year for homes that sold for less than $ 452,456. This is the cheapest third of all homes sold this spring. These homes are concentrated in Counties Pierce and Snohomish.
Among the most expensive third of homes that sold for more than $ 677,496 – including most of King County where a typical home now costs $ 727,500 – prices rose relatively more slowly, 6% year over year.