The Seattle real estate appears market is cooling – if just slightly
While Seattle has held its spot in the top three hottest markets in the US, there is finally some relief in the horizon. After months in the coveted third position, the Emerald City has slipped to the fifth spot in the single-family price growth ranking by Case-Shiller Home Price Index.
The red-hot buying season has certainly been longer in 2021 than in years past, but the seasonal cool down has finally arrived. Prices are leveling off, there are fewer bidding wars out there and a few reductions have been spotted. While local buyers can revel in the slight cooling off, it is worth noting that prices are on the rise.
According to the Seattle Times article, prices in Seattle are up about 24% over last year per the S&P CoreLogic Case-Shiller Home Price Index. That number is impressive indeed – and higher than in many major metropolitan areas, namely New York, Los Angeles or San Francisco. King County’s Eastside saw the highest increase at nearly 26%, while Southwest party of the county had the smallest increase at 16%. Nationally, home prices have increased nearly 20% year over year for the three month rolling average ending in August.
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