Seattles Hot Market, Slows?
FAR AHEAD YEAR-OVER-YEAR, SEATTLE’S HOME PRICE GROWTH SLACKENS ON A MONTHLY BASIS
Written by William Hillis
After piling up serial outsized monthly gains, the CoreLogic Case-Shiller home price index for Seattle showed signs of fatigue in July, settling down to a “mere” 0.65 percent monthly rate of growth. The region’s index remains up a hefty 13.5 percent year-over-year, but the ascent had been slowing since April on a monthly basis. It is too early to judge whether this signals a turning point, or merely a brief chance for hesitant buyers to get aboard the Seattle market’s fast-moving train.
According to the Case-Shiller press release, “Seattle, Portland, and Las Vegas reported the highest year-over-year gains among the 20 cities. In July, Seattle led the way with a 13.5% year-over-year price increase, followed by Portland with a 7.6% increase, and Las Vegas with a 7.4% increase.”
This was the first month since February in which Seattle’s monthly home price index did not outpace those of the other Pacific Coast gateways. In July, the new leader was Los Angeles, with month-on-month growth of 1.12 percent.
For Seattle’s performance on the Case-Shiller Index, see the chart above; and for more details, download Case Shiller’s summary report.