Seattle Home Prices are Dwarfing Other U.S. Cities
While California has been one of the biggest giants in terms of home prices and home ownership growth, one city has steadily remained at the top of the pyramid. According to recent reports, Seattle's home prices are nearly doubling that of other cities across the United States.
"The Seattle metro area saw single-family home prices surge 13.5% during the 12 months ended in July, according to the latest monthly Case-Shiller home price index," reported National Mortgage News.
"Portland was second, with 7.6% growth.This marks the 11th straight month Seattle has had the nation’s hottest housing market. And it’s the first time increases locally are nearly double that of any other metro area."
Seattle's growth is attributed to a high demand for housing with a shortage of homes to supply it. Meanwhile, the city's infrastructure and job market continues to boom. The city is following in the footsteps of San Francisco, which had the highest price growth of upwards of 25% more than three years ago, according to the report.
If you would like to learn more about Seattle's booming housing prices click on the image above.