Home Prices In Seattle Area Increase Highest In U.S.

SEATTLE, WA - A monthly assessment of home prices in the U.S. shows that prices in the Seattle area grew 13.5 percent in July over the previous year, which is the highest increase in the nation. The Standard & Poor's CoreLogic Case-Shiller home price index showed that home prices the U.S. as a whole grew by about 6 percent between July 2016 and July 2017.

According to the Northwest Multiple Listing Service (NWLS), which tracks local real estate sales, housing inventory is down across the region in 2017 compared to 2016. In August, there was only about 1-1/2 months of inventory, if home sales held steady and no new units were added.

In August, the median closing price for a home in King County was $585,000 compared to $499,000 in August 2016. That's about a 17 percent growth in home prices.

Eastside communities like Bellevue and Redmond have the highest median prices in the region, according to the NWLS. The median price of a home on the Eastside was $750,000 in August compared to $667,000 in August 2016. The southwest part of King County had the lowest median price in August at $355,000, up about 6 percent compared to August 2016.

Behind the Seattle area, Portland, Ore., and Las Vegas saw the next largest increase in home prices, according to Case-Shiller.

Image via Realtor.com