The latest S&P CoreLogic Case Shiller Home Price Index reveals that Seattle has now led the nation in home price growth for 20 months in a row, which marks the second-longest streak in the entire history of the index. The monthly increase in Seattle held relatively steady from March to April 2018, from 2.8 percent to 2.7 percent respectively. This was the first time the index has reported back-to-back monthly gains and was enough to push the year-over-year price increase to 13.1% in the Emerald City.
Though Las Vegas encroached upon Seattle’s growth at 12.7%, none of the Pacific Coast gateway cities came any closer than San Francisco, with a 10.9 percent gain. Los Angeles, San Diego and Portland each reported single-digit increases.
Seattle’s leading 12-month increase over other gateway cities ranged from a difference of just 2.2 percent more than San Francisco to over 7 percent from Portland. The chart below outlines the widening shortfalls amidst Seattle’s skyrocketing trend:
Increasing home prices in the Seattle region have brought windfalls to some home sellers as buyers are strained to find affordability within employment centers. As RSIR recently reported in a special section on “The Seattle Pivot,” prices have largely been driven by anemic inventory that has compelled buyers to move further and further out of the city and has spurred a flurry of new condominium projects.
For Seattle’s comparative performance on the Case-Shiller Index, see the chart of Index trends below; and for more details, download the S&P Dow Jones Case-Shiller summary report.