Seattle home prices have surged 13.4% over the last 12 months, according to data released Tuesday.
Overall, prices nationwide have risen 5.7%, according to The Standard & Poor’s CoreLogic Case-Shiller 20-city home price index.
The data compared prices from June of this year to June of 2016. Luxury data was not broken out in the report.
Seattle; Portland, Oregon; and Dallas, reported the highest inflation of the 20 cities. Seattle led the way in June with a 13.4% year-over-year price surge, followed by Portland with an 8.2% increase, and Dallas with 7.7%.
It also found a 5.8% annual gain in June 2017 across all nine U.S. census divisions, up from 5.7% in May.
“The trend of increasing home prices is continuing,” said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices—the publisher of the data—in the report.
The rising home prices reflect a tight housing market, where both the number of homes for sale and the number of days a house is on the market have declined for the past four to five years.
Although rising prices drive affordability down, Mr. Blitzer was optimistic.
“Other drivers of affordability are more favorable: The national unemployment rate is down, and the number of jobs created continues to grow at a robust pace, rising to close to 200,000 per month. Wages and salaries are increasing, maintaining a growth rate a bit ahead of inflation. Mortgage rates, up slightly since the end of 2016, are under 4%,” he said in the report.
He added that an immediate reversal in home price trends appears unlikely.
S&P Dow Jones Indices is not affiliated with Dow Jones Media Group, publisher of Mansion Global.
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