Seattle Home Prices Falling according to the Case-Shiller Index
According to the latest Case-Shiller home index report, the home prices in Seattle are falling at the fastest rate in the nation. The Seattle Times recently published an article detailing the report’s findings.
While Seattle has been the hottest market in the nation for years, it has cooled off significantly this year. Now, according to the report, the price of a single-family homes in the greater Seattle area has declined by 1.3% in September from the prior month. August saw a 1.6% drop in prices and July a .5% one. Seattle is not only leading with the largest price drops in the nation: no other metro area has seen a drop greater than .3% during September.
The 3.3% decrease over three months is a sharp contrast to how the market was behaving earlier this year – the Seattle metro area saw significant increases in prices month-over-month on a regular basis. In addition, the last time the area (which encompasses King, Snohomish and Pierce counties) has seen a significant decrease in prices was in 2012.
According to the Seattle Times article, the median house cost in Seattle proper now is $750,000 – down about $80,000 from earlier this year. We will continue to monitor the market and report back. In the meantime, we urge you to look at the Case-Shiller report here.