Seattle-area home market heats up yet again, leading the country for 17th straight month

Seattle-area home market heats up yet again, leading the country for 17th straight month

Single-family-home values in the metro area of King, Snohomish and Pierce counties have been rising faster than anywhere else in the country since mid-2016.

Seattle kicked off 2018 the same way it spent the prior year and a half, as the hottest real-estate market in the country, with no slowing down.

The cost of the typical single-family house across the Seattle metro area grew 12.9 percent in January from a year prior, according to the monthly Case-Shiller home price index, released Tuesday.

It’s the 17th month in a row that Seattle has led the country in home-price increases. That’s a record for Seattle and the longest streak for any metro area since San Francisco’s 20-month run that ended in 2001.

There is, yet again, no sign that Seattle’s seemingly never-ending market surge is letting up — just the opposite.

Driven by an uptick in cost for starter homes, price growth has started to accelerate slightly again after having stayed steady at 12.7 percent for the previous few months.

And compared to just a month ago, home values grew 0.7 percent. That’s tied for the most in the country, and the biggest month-over-month increase locally since last summer.

Prices don’t usually go up that much here in the winter. Adjusting for the season, the price growth over the last month was triple the U.S. average.

The biggest jump occurred in the cheapest homes in the area — those that are generally in the outlying areas of the region, and smaller, starter homes. Those houses cost 14.1 percent more than a year ago, the second-biggest increase in four years.

The local market has been getting more and more expensive for six straight years now. Over that span, prices have soared a total of 82 percent. Since the old bubble high a decade ago, prices are up 22 percent across the entire metro area, and much more in King County.

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