Seattle’s persistent nationwide lead in real estate price growth continues to astound. In February 2017, a month when the S&P CoreLogic Case-Shiller NSA Index set a 32-month high of 5.8 percent, Seattle was once again out in front with a 12.2 percent year-over-year price increase, and a sharp monthly increase of 1.91 percent, the highest since last April (2016).[1] Portland and Dallas were second and third respectively with 9.7 percent and 8.8 percent year-over-year gains. San Francisco reversed its negative turn last month for a monthly increase of 1.17 percent, while San Diego’s rising prices came just short of a one percent monthly gain.
“If Seattle’s real estate prices were a stock, its owners would have enjoyed a greater than 10 percent annual rate of return over the past five years,” said CEO/Owner Dean Jones of Realogics Sotheby’s International Realty (RSIR). “Under current supply constraints, there is no end in sight to this move upward. We are now seeing prices rising in the entry-level market segment, as renters realize it may be now or never to buy a home in the Seattle metroplex.” Citing data from RSIR, a recent KING 5 news story by anchor Jake Whittenberg described how the frenzy has forced some home-buyers to search as far north as Marysville in order to find and purchase a home they can afford. In eleven counties of northwestern Washington State, prices were up by more than 10 percent, and prices were more than 14 percent higher in King County.
[1] “The S&P Corelogic Case-Shiller National Home Price NSA Index Sets Fourth Consecutive All-Time High,” S&P Dow Jones Indices, April 25, 2017.