Photo: Stuart Seeger/Flickr
Home values continue to soar in the Pacific Northwest. In June, Seattle home prices were up 11 percent year-over-year, second only to Portland, where prices rose 12.6 percent in the same period.
The data is included in the latest S&P CoreLogic Case-Shiller Indices release, which also shows that US home prices as a whole saw a year-over-year increase in June. In addition to the Pacific Northwest, year-over-year price growth was strong in the country’s southern cities — home prices rose 8.9 percent in Dallas, 7.9 percent in Tampa and 5.8 percent in Atlanta.
In Northeastern cities such as New York and Washington, DC, home prices rose at “more sustainable rates,” says The Seattle Times. Meanwhile, cities in the midwest were mixed. Cleveland and Chicago saw year-over-year home price increases of 2.5 percent and 3.3 percent, respectively, while in Minneapolis prices climbed 5.1 percent, the same as the nationwide pace.
Summarizing the figures, David M. Blitzer of S&P Dow Jones Indices said, “[i]n the strongest region, the Pacific Northwest, prices are rising at more than 10%; in the slower Northeast, prices are climbing a bit faster than inflation. Nationally, home prices have risen at a consistent 4.8% annual pace over the last two years without showing any signs of slowing.”
For Seattleites it’s also worth noting that while home prices recorded a big year-over-year jump, they increased just 1.4 percent from the previous month. That’s compared to 1.4 percent in May, 2.1 percent in April and 2.4 percent in March. Last month the slowdown in month-over-month increases sparked predictions that the market could be cooling.