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Seattle among top markets as US home prices rise in double digits for first time in years

This is a sign that the Seattle housing market has returned from the coronavirus epidemic by 2020, at least if you are a salesperson.

In Seattle, house prices continued to rise faster than the national average in December, according to the S&P CoreLogic Case-Shiller Home Price Index, which was released on Tuesday. The index reports a quarterly average home price rollover, two months behind.

In December, house prices in Seattle increased by 13.6% compared to the same period last year. At the national level, prices increased by 10.4% year by year.

The December national jump was the first double-digit increase since January 2014, according to CoreLogic Deputy Chief Economist Selma Hepp.

Seattle retained second place behind only Phoenix, where prices rose 14.4%. (Phoenix topped the list for the 19th month in a row.) Apartment prices have risen faster here than in San Diego, San Francisco, in more than a dozen subway areas where Case-Shiller is lagging behind.

The index typically reports 20 areas, but has no up-to-date data on Detroit due to the epidemic.

After the coronavirus struck last spring and the economy slowed down, house prices slowed in May-June, but then began to rise again, according to Case-Schiller.

Consider how recent growth compares to the same period last year. In the last month of 2019, prices in Seattle increased by 4.1% year-on-year after a slowdown. At that time, the profit was approximately in line with the 3.8% national growth.

Over the long term, according to the index, house prices in Seattle increased by 55% compared to December 2015.

Recently, growth has been concentrated outside the city, where homes are more affordable.

In Seattle, house prices rose by about 15% to about $ 490,400, and house prices by more than $ 734,100 rose by about 12 to 13%, according to Case-Schiller.

Other events show a similar tendency. According to data provided by Zillow this week, prices have risen faster in Parkland, Tacoma and Spanway in the Pearsk region than in more expensive cities such as Bellu, Seattle and Mercer Island. In January, prices rose by 19.2% in Parkland, .5 17.5% in Tacoma, 10.9% in Bell և and 8.7% in Seattle.

Seattle is growing at a slower pace, “as more domestic workers put less emphasis on walking, more on the interior when they go home now,” said Jeff Tucker, a senior Illinois economist.

Brokers have blamed some economists for raising prices and waging war prices for the small number of homes on the market, coupled with low mortgage rates.

“Both factors could ‘turn the tide this year to relieve price pressures,'” Hepp said in a statement. “But the demand of millennial owners, who may have been around throughout the epidemic, is likely to continue.”


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