Though housing prices in the Seattle area continue to rise on a yearly basis (up 8.6 percent over this time last year), the market saw a continued slowdown in monthly price gains for single-family homes in June, similar to the trend in May. Prices in King, Pierce, and Snohomish counties rose by just 1.1 percent in June, a slightly lower rate than the 1.4 percent price growth in May, according to the S&P/Case-Shiller Home Price Index released Tuesday. The Seattle market is still outperforming the 20-city Index by a small margin, with those prices having grown by 1 percent in June, and 8 percent over the year.
Case-Shiller is calling the numbers part of a “widespread slowdown” in home-price growth nationwide that began last fall. They say that despite the slowdown in growth, other positive factors such as builders’ sentiment and existing home sales point to a normalizing housing market. If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.