#458 - Where Seattle-area Home Prices are Rising Fastest as Region is Among National Leaders

Seattle’s housing market started the new year with a milestone: Housing prices here have been growing at the second-fastest rate in the nation for a full year.

For the 12th month in a row, only Phoenix outpaced the Seattle area for year-over-year home price growth in January, according to the S&P CoreLogic Case-Shiller Home Price Index released Tuesday. The index measures price growth in 20 metro areas, reports a three-month rolling average of home prices and lags by two months. The data reflects prices across the Seattle metro area, including parts of King, Pierce and Snohomish counties.

Seattle-area home prices were up 14.3% in January, compared to a year earlier. That was slightly slower than growth in Phoenix, where prices jumped 15.8%, and just barely faster than San Diego, where prices were up 14.2%.

Across the country, prices are climbing faster than they have in more than a decade. The nationwide 11.2% year-over-year increase in January was the highest recorded since nearly 15 years ago, in February 2006, according to Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices.

Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.

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