Single-family home prices across the Seattle region went up 13.4 percent in June from a year ago, according to the monthly Case-Shiller home price index.
Home prices have now blasted up 78 percent since bottoming out five years ago, up a remarkable 19 percent over the old bubble high from last decade.
The last time prices rose this quickly was during the 2006 bubble, when prices jumped up nearly 20 percent in a year before crashing back down during the recession, reports the Seattle Times.
The average home now costs nearly $750,000 in Seattle and $860,000 on the Eastside. Statewide, the median home price reached a record of $337,700, according to a quarterly report released Monday by the University of Washington’s Runstad Center for Real Estate Studies.
Two years ago, about half of homes in King County sold for under $500,000. The Runstad report found that only 27 percent of all homes in the area now sell for less than $500,000.
No other region recorded in the Case-Shiller index came close to the price growth rate of Seattle. Prices in our region are rising more than twice as fast as the national average for the 10th month straight. Portland came in second, with 8.2 percent growth in home values. Across the country, home prices only increased 5.8 percent.