Considering how long we’ve been talking about how out of control Seattle housing market growth has been over the last couple years, it’s a bit amazing we’re only just getting to the point where it’s the hottest housing market in the country.
Per the Case-Shiller home price index for September, we finally made it.
Seattle narrowly topped Portland, where home values gained 10.9 percent. For the prior eight months, Seattle had seen its home-price growth sit second in the country behind Portland.
Overall, Seattle prices are rising twice as fast as the rest of the country, as they have for most of this year.
The index also shows that single-family home prices in King, Snohomish and Pierce counties rose 11 percent from the previous year, the biggest uptick of the 20 major metro areas included.
Overall, the U.S. housing market has hit a new high, surpassing the previous peak in July 2006. That brings excitement as it can be seen as the official end point of the recession. It also brings concern because we all know what happened a year later.
Per NWMLS, the median price for a single-family home in King County is now $550,000. Per Zillow, home values for the region that makes up King, Pierce and Snohomish counties hit $400,000 for the first time a few months back, just three years from when it was $300,000.