Seattle’s Home Prices Slacken Month-to-Month but Lead Nation for 14th Consecutive Month
S&P/Case-Shiller released their Home Price Index for October 2017, and it indicates that home prices in the Seattle Metropolitan Area are up 12.7-percent compared to this time last year. Though Seattle continues its lead among national prices, this was the second month in a row that the index declined. It was down 0.07% last month, a more modest percentage than September’s 0.28% decline. Data from the Northwest Multiple Listing Service from January 2nd, 2018 reveals that the median price of a single-family home in the metropolitan area was down to $461,000 in October.
It’s difficult to say whether the two-month decline is a temporary blip or a long-term signal, but at most it indicates that single-family home prices have reached a plateau in Seattle and the Eastside. As William Hillis, Research Editor with RSIR predicts, cities like Bellevue, Kirkland and Redmond are unlikely to see home prices in Q3 2018 any lower than they were at the end of September 2017, when values peaked. He says this applies to homes of all price points. “It means that homes in the top quarter of selling price in these cities will still be selling for well over one million dollars a year from now,” he said.
View Seattle’s performance on the Case-Shiller Index below, or download the full report here.