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Seattle has almost caught Portland for hottest home market title

Portland home prices are currently up 11.7 percent from a year ago but Seattle is right behind at 11.4 percent

The new Case-Shiller home price index was released Tuesday and Seattle’s ongoing housing market growth is getting very close to becoming the highest in the nation.

Seattle-area home prices are growing at their fastest pace in two-and-a-half years and we’ve closed the gap on Portland as the nation’s fastest riser.

Portland home prices are currently up 11.7 percent from a year ago but Seattle is right behind them at 11.4 percent. Portland has been ahead of Seattle for many months now and the two cities have been No. 1 and No. 2 in the nation for the entire year in terms of price growth.

Seattle’s prices went up 0.5 percent from the previous month, which is in line with the national average but changes a trend in which the city saw growth slow down. Even with the newfound growth, it’s still a ways off from the 2.4 percent monthly gains we saw in the spring.

Seattle’s 11.4 percent yearly growth is the biggest number since March 2014. Good luck with all that, buyers.

The Case-Shiller index also notes that the median house prices in the region are $538,000 in King County, $395,000 in Snohomish County, and $279,000 in Pierce County.