Hottest Housing Market In The US: Seattle’s Streak Reaches 20 Months
Seattle’s housing market is the hottest in the US for the 20th consecutive month. Do you think we will tie or break the record of 23 months straight?
Hey, all, Zach McDonald, your real estate agent here with Real Property Associates and Seattle has now tied San Francisco for the second largest streak in leading the nation in home price appreciation. So 20 months in a row, two zero, we have led the nation. Since September 2016, we have led the nation in home price appreciation month over month. Last month, these are the numbers from April, 13.1% over the year prior.
And this is slightly ahead of Las Vegas and also San Francisco. So we’ll see if we can keep this up. This was first reported by Seattle Times and GeekWire pulling from the Case-Shiller … it’s a national report that they do every month. So they pulled this info from there, and I wouldn’t be surprised if we push up on Portland’s 23-month streak. But it will be close as inventory is increased in the Seattle area and we’re starting to see homes with price reductions and longer times on the market.
I wouldn’t say this is a scary thing or a bad thing for the Seattle real estate market. If anything, it’s a normal seasonal thing, but I’d say this year so far it’s been a little bit more dramatic than it has been the last few years. But keep an eye out. I think we’re still going to continue to see more inventory come on, and that’s going to reduce the amount of multiple offer situations.
I don’t know if that’s necessarily going to bring prices down, but I said this in my last market report. We’ve seen the last few months home prices level off right around $800,000 median sales price range, and it wouldn’t surprise me if we dip under that number here a little bit before we climb again come late fall, early winter.
So that’s the latest here today. I think we’re going to get to that 23 months, but it’s going to be close. But stay tuned, and I’ll do another video here as we start to climb, if we can make it that far. Bye for now.