The Seattle housing market started the new year with a destination. Throughout the year, apartment prices are growing at the second fastest rate in the country.
For the 12th month in a row, only Phoenix topped Seattle in January with year-on-year rising house prices, according to the S&P CoreLogic Case-Shiller Home Price Index on Tuesday. The index measures price increases in 20 metro areas, reports quarterly average house prices, two months behind. The data show prices in the Seattle metro area, including parts of King, Pierce and Snow White counties.
In January, house prices in Seattle increased by 14.3% compared to the previous year. It was slightly slower than Phoenix, where prices jumped 15.8%, and just barely passed San Diego, where prices rose 14.2%.
In Seattle, prices are rising faster than the national average. National growth is still in double digits, 11.2% higher in January than last year.
Earlier this year, Seattle prices rose faster than at the peak of the harsh spring housing market in 2018, when in 2018. In May, compared to the previous year, prices increased by 13.5% according to the Index.
The indicator continues to show that prices are rising most sharply on the most affordable homes in the Budget Sound area. The minimum value of one-third of homes sold for less than $ 496,165 increased by about 17% in January, compared to about 13% in the previous third, and homes for more than $ 741.25.
In King, Pierce և Snohomish County, Pierce County, prices continue to rise sharply, according to data from January-January. Compared to last year, prices in Parkland increased by 19.2%, in Tacoma – by 17.5% and in Spanaway – by 16.9%.
Seattle նման More expensive areas like the Mercer Islands have seen slower growth. Home prices rose by 8.7% in Seattle and by 7.2% on Mercer Island, according to ill illow. Other remote cities, such as Bottle, Kent and Linwood, were in the middle of the package, with prices up about 13%.
In a statement, Zillow senior economist FFF Tucker described the “strong demand և stockpile clash” as rising prices.
Across the country, an increasingly inaccessible market “will make it harder for some potential buyers to enter the market,” said Selma Hepp, CoreLogic ‘s chief economist.
But it could also “take a little wind off the sails, slowing house price growth by about half by the end of 2021,” Hepp predicted. “The biggest concern is the lack of homes for sale. “Potential sellers may become frustrated with not being able to find a new home and then choose not to list their own home, which leads to a vicious circle of rejection of home sales.”