Seattle yet again sports the nation’s fastest-growing home prices, continuing a streak that has now lasted 17 months.
According to the latest Case-Shiller national home price report, Seattle home prices in January rose 12.9 percent over the same period a year prior. The report calls out Las Vegas and San Francisco as the second and third fastest-rising housing markets and the only other markets with double digit annual gains.
Data released by the Northwest Multiple Listing Service earlier this month shows the median price for a home in Seattle jumped to $777,000 in February, up $20,000 from a record set in January. Across Lake Washington on the Eastside, the median price is inching closer to $1 million, with prices now at $950,000.
Seattle’s annual price gains more than double the national average of 6.2 percent. High demand and low inventory are responsible for home price hikes across the country, Case-Shiller says.
In Seattle, the trends are exacerbated by a population boom fueled by rapid job growth in technology and other industries. The Seattle Times reported yesterday that Seattle was one of only five big metro areas to gain population last year. Other high cost cities like New York and San Francisco saw a lot more people move out than move in, but Seattle gained 21,000 more residents from around the U.S. than it lost.