Seattle home prices continue drastic rise over national average

Seattle home prices continue to rise at an exceptional rate compared to a year ago.

The Seattle Times reports a “double-digit pace” was reported in June. That is twice the rate for the country’s 20 largest cities.

Home prices in Seattle increased by 11 percent. Portland home prices rose by 12.6 percent. Compared to the other top 20 markets in the nation — the average bump was only 5 percent — Seattle and Portland are almost unmatched. The exception is in Denver, another city where price gains continue to rise.

Elsewhere the Times reports home values are slowing. In Northeastern cities prices are rising, but closer to the rate of inflation. Boston, for example, had an increase of less than 5 percent.

Managing director at S&P Dow Jones Indices David Blitzer told the Times that home prices have been rising at a 4.8 percent annual pace.

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