Blog Articles

All the latest news articles and market trends of the Seattle Real Estate Market. If it is happening in Seattle it is happening on the Stroupe Group.

Seattle Mentioned on Forbes Regarding America’s Recession

We’re always looking to promote consumer confidence in our local real estate market. However, this season has been slower for real estate than previous years. We’re not seeing the 14% appreciation we saw in ’07, homes are staying on the market longer than the traditional average, and open houses have become more an opportunity to read a book. In addition (or as a result of), national news headlines are constantly reporting that the sky is falling, unemployment is up, and home prices are yet down again.

So, in an ongoing search to find hard data that Seattle is still an exception, we were handed an article from Forbes which has compiled a list of the nation’s most recession-proof cities. Seattle placed #8 based on data from the U.S. Bureau of Labor Statistics for the year ending in February 2008, and median home price data from the National Association of Realtors to see which areas posted the largest annual gains.

The region around Puget Sound is home to Microsoft,, Starbucks, Costco, Nordstrom and Washington Mutual. What’s more, home prices are only half that in the San Francisco Bay Area, and unemployment in the region is falling. Of the 50 largest metropolitan statistical areas in the U.S., Seattle had the strongest growth in manufacturing in the past year.

While national statistics, local population increases, low unemployment rate, and developer’s desire to build in Seattle prove to boost the city’s reputation, Forbes does point out the bad mortgages everybody got into.

  1. Oklahoma City, Oklahoma
    Median home price: +8.2%
    Unemployment: 3.5% (from 4.7% in February 2007)
    Key growth: Leisure and hospitality, +6%; construction +11.5% from 2007
  2. San Antonio, Texas
    Median home price: +7.9%
    Unemployment: 4% (from 4.3%)
    Key growth: Construction, +6.3%; leisure and hospitality, +4.9%
  3. Austin, Texas
    Median home price: +6.4%
    Unemployment: 3.6% (from 3.8%)
    Key growth: Natural resources and construction, +5.1%; leisure and hospitality, +5.3%
  4. San Jose, California
    Median home price: +11.2%
    Unemployment: 5.2% (from 4.7%)
    Key growth: Information, +4.5%
  5. Raleigh, North Carolina
    Median home price: +4%
    Unemployment: 4.2% (from 3.7%)
    Key growth: Professional and business Services, +7.4%; education and health, +6%
  6. Salt Lake City, Utah
    Median home price: +2.5%
    Unemployment: 3.1% (from 2.6%)
    Key growth: Education and health services, +5.5%
  7. Houston, Texas
    Median home price: +1.1%
    Unemployment: 4.2% (from 4.5%)
    Key growth: Natural resources, +5.9%; construction, +4.7%
  8. Seattle, Washington
    Median home price: +1.2%
    Unemployment: 4.3% (from 4.5%)
    Key growth: Leisure and hospitality, 4.1%; manufacturing, +2.6%
  9. Charlotte, N.C.
    Median home price: +3.3%
    Unemployment: 5.4% (from 4.7%)
    Key growth: Professional and business services, +4.7%; leisure and hospitality, +4.2%
  10. Dallas-Fort Worth, Texas
    Median home price: +.5%
    Unemployment: 4.3% (from 4.5%)
    Key growth: Education and health, +5.6%
Up Terms of Use | Privacy Policy