Nearly 2-year streak broken: Seattle no longer leads nation in home price increases

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After 21 months of leading the Case-Shiller’s home price index, the latest report shows that Las Vegas has overtaken Seattle as the nation’s hottest housing market. It reflects the mood Seattle has been seeing so far, with many realtors and reports expressing a bit of a slowdown in the market.

Case Shiller’s report has a bit of a lag, this month’s report uses June numbers, so time will tell if Seattle’s summer season brought a little more frenzy to the market. But even the most recent Northwest Multiple Listing Service report (on July’s figures) has seen a steadily improving supply, and slight drop in sales.

“In Seattle and King County supply is at the highest level since first quarter 2015, which has me thinking about the longevity of seller luxuries like offer review dates, pre-inspections, and escalation clauses,” Robert Wasser, owner of Prospera Real Estate and an officer of the Northwest MLS board of directors, said in the report.

“People are taking notice of the evolving real estate landscape ̶ even my mom tells me she’s noticing more for sale signs!”

However, King County is still well below a balanced market of supply of four to five months; right now King County is boasting about 1.5 months. And in Case-Shiller’s latest report the metro area registered a 12.8 percent increase in single-family home prices in June compared to a year earlier.

But either way, the latter number dropped from 13.6 percent, and the city is now enjoying its time as number two on the hottest cities nationally according to Case-Shiller.

~Zosha Millman, Seattle PI

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