Case-Shiller real estate numbers confirm: Seattle is cooling off
The latest Case-Shiller home price index brings some good news for home buyers: Seattle's average year-over-year price increases have dropped to their lowest level in three years -- a faster rate than anywhere else in the country.
Case-Shiller's index covers the full metro, including Pierce, King and Snohomish counties. And that index confirms what local brokers have seen: metro area price increases declined 1.3 percent in September from the month before.
Home price growth hasn't slowed that much in the area since 2011 (at the peak of the Great Recession), nor does that seem to be the case across the country; Following Seattle's decline in price hikes is San Diego, where increases dropped 0.8 percent in the same time period Seattle has dropped almost 3 percent.
To be clear, prices aren't falling -- they just aren't increasing as fast as they have been.
Of course even though September marked the third month in a row that price increases declined in Seattle, the metro remains well above the national average.
Seattle still saw an 8.4 percent increase in September over the month before (but down from more than 9 percent in August), which is still well above the national average of 5.1 percent. Dropping from 5.5 percent the previous month, it's the sixth straight month that home price increases have slowed nationwide.
But Seattle also isn't gaining as much as Las Vegas and San Francisco, at 13.5 and 9.9 percent respectively.
So while Seattle is definitely enjoying a cool down, and no longer sits atop the Case-Shiller list of cities with the fastest increasing prices, it hasn't fallen all that far. The median home price in the Seattle area, according to the latest from the Northwest Multiple Listing Service, is still more than $706,000, and that only drops to $613,509 when you factor in the rest of King County.
Some of the cheapest game in town, as you'll see above, is non-single family homes -- condos, townhomes, and rowhouses. And it's almost certainly a compromise between space and location.