Third consecutive month of home price gain in Seattle
Prices of real estate in Seattle showed a gain again, according to a report by the Standard & Poor’s/Case Shiller home-price index. From June to July, Seattle-area prices rose 1.4 percent from June and 3.1 percent year-over-year. Seattle isn’t the only city experiencing these increases according to the Seattle Post-Intelligencer. All 20 metro areas that the report covered experienced similar gains from June to July, which is the third straight month with increases since five years ago. Sixteen of the areas experienced year-over-year gains.
In King County, the median price of a sold home in July was $375,250, which shows a 7.2 percent gain from the previous year during the same month and a 1.3 percent increase since June. Compared with other cities covered by the report, Seattle came in the middle of pack for year-over-year price increases.
"The news on home prices in this report confirms recent good news about housing," David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said in the report. "Single-family housing starts are well ahead of last year's pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing."
The score given to Seattle by Case-Shiller for July was 141.78, which means that home prices were up 41.78 percent higher than in January 2000. This was the area’s highest score since October 2010. Seattle’s highest score was 192.30 in July 2007, and the lowest score since the bubble burst came in February 2012 at 128.99. According to The Seattle Times, prices are up 10 percent since then.
Currently, Seattle rental prices seem to be constantly increasing, but a new report found that the city will see a record number of new apartments over the next five years. Construction on apartments complexes will surpass the amount of units that have been produced in more than 20 years, according to the Seattle Post-Intelligencer. Between 2012 and 2017, developers are planning to open up 35,000 more apartments, and out of those 18,400 are either completed or currently under construction. Developers will begin on another 1,700 in the next 30 days.