Another month, another Seattle-area housing price record.
According to the latest Case-Shiller data, Seattle-area single-family home values were up 10.8 percent in March from the previous year. That trails only Portland (12.3 percent) in terms of home price growth and more than double the national average (5.2 percent).
Seattle-area home prices have also surpassed the Summer 2007 peak for the first time as region home prices have risen more than 50 percent since 2012's low point.
Local home prices also rose 2.4 percent from February to March, the largest of the 20 major U.S. cities included in the report. That number is more than three times the national average.The average price of a single-family home in April was $637K in Seattle, $540K in all of King County, $375K in Snohomish County and $270K in Pierce County.
The rising prices is driven by, what else, lack of inventory. Rising employment numbers and lower mortgage rates also play a role.
· Seattle area home prices set new record; 2nd-fastest rising in nation [ST]