The latest S&P/Case-Shiller index was released Monday and Seattle prices hit a new record for the third consecutive month. However, it is possible we're seeing signs of a potential slowdown, even if prices aren't going to fall anytime soon.
Seattle single-family home prices were up 1.4 percent from April to May and 10.7 percent from the previous year. That yearly growth remains more than double the national average and puts Seattle ahead of every other West Coast city in terms of price growth except for Portland.
While those numbers made for a new all-time high, Seattle dropped out of the top spot in terms of largest month-over-month gain among the twenty biggest cities in the U.S. In fact it dropped from No. 1 to No. 4 behind Chicago, Portland, and Minneapolis). Still, Seattle prices are now up 55 percent in the last four years.
So where's the news of a slowdown? That becomes apparent when you compare to the month-over-month gain in April (2.1 percent) and March (2.4 percent). Seattle prices are still rising at extreme levels, just not as extreme as before.
According to the index, Seattle’s median house price now sits at $666,500, while over the Eastside you'll find a median of it’s $746,500. Those looking for cheaper alternatives should look to Snohomish County ($395,000), Kitsap County ($299,975) and Pierce County ($284,200).
· Seattle-area home market hits new peak but shows signs of possible cooling [ST]
· Case-Shiller: Seattle Home Prices Keep Powering Up, Up, Up [SB]
· Seattle-area home prices have risen 53 percent in four years [CS]