Seattle Area Home Prices on the Rise Once Again

After a slow start to 2019 and months of declining year-over-year home price growth, the tides have turned in the Seattle area as the latest S&P Case-Shiller Report—posting October numbers—shows year-over-year price increases for the third consecutive month. As Seattle Times reports, seasonally adjusted prices grew by 0.7% from September to October 2019. On a year-over-year basis, the prices in King, Pierce and Snohomish counties were 2.5% higher than in October 2018—the biggest spike since February 2019.

Low mortgage rates and strong economic fundamentals are contributing to growth throughout much of the United States, with some areas experiencing growth above four percent: Tampa, Florida; Charlotte, North Carolina; and Atlanta, Georgia. Interestingly, the only city within the major 20 markets reported in October 2019 that posted a decline was San Francisco, where prices dipped by about a half a percent compared to 2018.