Seattle Housing Market Still Tops Chart As Nation’s Hottest

Sold-Generic House For Sale SignHome prices continued to climb in Seattle and Portland at some of the fastest rates in the country this year. The latest data show Seattle is still the nation’s hottest market.

According to the Case-Shiller Home Price Index, the price of a typical single family home in Seattle rose twice as fast as the national average this year—nearly 12 percent. In Portland, home prices increased more than 6.5 percent.

David Blitzer is with S&P Global, which oversees the index. He said migration to Seattle and Portland and economic growth are pushing up prices.

“Both cities, but particularly Seattle, have strong economies,” Blitzer said. “The Seattle area is benefiting from a lot of technology development, as well as, I guess, more traditional industry.”

Housing prices rose particularly fast in the West. Las Vegas, Nevada, was the second hottest market, after Seattle. And many cities in California also saw high growth.

Blitzer said he expects interest rates to rise next year and the national housing market to cool.

Seattle real estate agent Sol Villarreal said rising prices come from a combination of factors that cause high demand and low supply, such as rapid migration to the region and not enough condominium construction in Seattle.

“You’re not building enough new units, people are afraid to sell their existing units, so every year the supply-demand imbalance gets a little bit worse,” he said. “We have more buyers into the system and fewer people want to sell their places if they have any option to stay there because they’re afraid of what the market is going to be.”

Related Stories:

President Donald Trump in October 2018 with, from left, Army Chief of Staff Gen. Mark Milley, Defense Secretary Jim Mattis, Chairman of the Joint Chiefs of Staff Gen. Joseph Dunford and Marine Corps Commandant Gen. Robert Neller. Manuel Balce Ceneta/AP

Former Defense Secretary Mattis, Now A Resident Of The Tri-Cities, Issues Stunning Rebuke Of Trump

Retired Marine Gen. Jim Mattis, who resigned as President Trump’s defense secretary nearly a year-and-a-half ago over policy differences, has issued an extraordinary critique of the White House’s handling of nationwide unrest, saying Trump has sought to divide Americans, and warning against “militarizing our response” to the protests. Continue Reading Former Defense Secretary Mattis, Now A Resident Of The Tri-Cities, Issues Stunning Rebuke Of Trump

Read More »
Map credit to Parker Miles Blohm, KNKX

Washington’s Smallest Counties Will Lead The Way Into Phase 3 Of State’s Reopening Plan

Nine rural counties are eligible to apply to the state Secretary of Health this week to move to the next stage in Gov. Jay Inslee’s four-phase reopening plan. Lincoln, Ferry, Stevens, Pend Oreille, Columbia and Wahkiakum counties wasted no time and submitted the necessary paperwork and letters of support on Wednesday to advance from Phase 2 to Phase 3. Continue Reading Washington’s Smallest Counties Will Lead The Way Into Phase 3 Of State’s Reopening Plan

Read More »