For the 11th month in a row, Seattle is leading the country in home price growth. In fact, our home price growth is nearly double that of any other U.S. city according to the latest Case-Shiller home-price index. Single-family home prices increased 13.5 percent in July from the year before.
The next city in the list at No. 2 was Portland with a 7.6 percent growth rate from July 2016 to July 2017. Portland's home price growth had begun to drop slightly over the last couple months while Seattle's only continued to increase.
While this story has been nearly the same for 11 months, this is the first time that our local increases are almost double that of any other metro area in the country.
What's driving these huge gains? Continued shortage of homes for sale, population growth, and a booming economy thanks to our technology industry. More people are moving here and even less want to leave.
However, we are heading into fall which is seasonally when we can expect prices to begin cooling down a little, as we talked about just a couple weeks ago. The Seattle Times reports, "when adjusting for normal seasonal changes, Case-Shiller says, Seattle's month-over-month home cost bump is actually the third highest in the country, behind only San Francisco and Los Angeles."
Click here to read the full article from the Seattle Times.