Last week, S&P Case-Shiller released the latest Home Price Index and shortly after, the Seattle Times proclaimed the rapid decline of residential home prices in the Seattle metropolitan region. Contrary to headlines, however, the trendlines paint a much more nuanced picture. To be sure, Seattle was still named among the top three fastest growing regions on the Index, reporting an 8.4 percent year-over-year gain in home prices.
The official report from Case Shiller noted that “Seattle, Las Vegas, and San Francisco reported the highest year-over-year gains among the 20 cities. In November, Seattle led the way with a 12.7% year-over-year price increase, followed by Las Vegas with a 10.6% increase, and San Francisco with a 9.1% increase.”
Examining the S&P Case-Shiller National Home Price Index, the home prices in the Seattle Region have risen by 11 percent between September 2015 and 2015, surpassing Portland which has had a 10.9 percent increase during this time period. Here is what you need to know about the causes and effects of Seattle’s booming housing market.