The value of a single-family home in the Seattle area increased 10.8 percent compared to March of last year, a rate that is more than double the national average, according to new data from S&P/Case-Shiller.
If escaping south to Portland in search of some relief had crossed your mind, the rise of 12.3 percent there made that city the only one hotter than Seattle. Denver (10 percent), Dallas and San Francisco (both 8.5 percent) had the highest gains outside of the Pacific Northwest. The national average was 5.2 percent.
According to the Northwest Multiple Listing Service, the median price for a single-family home in Seattle was $637,250 in April. The Seattle Times reported that Seattle home prices increased 2.4 percent from February to March, the most among the 20 cities covered in the report. The latest monthly rise in the city is more than triple the national average. The Times also said March marked the first time the Seattle region surpassed its home value peak last seen in summer 2007.
A rush of new tech workers into the region has lead to a drain on inventory, bidding wars and rapid sales. Redfin reported last month that houses in Seattle were selling faster than anywhere else in the country.
“The number of homes currently on the market is less than two percent of the number of households in the U.S., the lowest percentage seen since the mid-1980s,” said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. “The Pacific Northwest and the west continue to be the strongest regions,” he added, citing Seattle, Portland and Denver for the largest declines in unemployment rates among the 20 cities included in the S&P/Case-Shiller Indices.