Looking to buy a home in Seattle or Las Vegas? You might want to hurry, as prices are rising fast—and showing no signs of slowing down.
The just-released Standard & Poor’s/Case-Shiller Home Price Index shows home prices in most major markets are increasing steadily, with the west coast being especially hot.
Seattle has been a fast-growing market for months. In the past year, the price of the average single-family home has gone up 12.7%. That’s more than twice the national average of 6.21%.
The trend is hardly restricted to the Pacific Northwest, though. Las Vegas saw prices jump 10.6% from November 2016 to November 2017. San Francisco prices are up 9.1% in that same time period, keeping prices in the California city especially high.
Several cities saw one-year increases in the 7% range, including Dallas, Denver, Los Angeles, Portland, Tampa, and San Diego.
That puts many cities at record levels—and certainly shows how far things have come since the depths of the recession in 2009.
Since that time nine years ago, home prices in San Francisco have increased 113%, according to Case-Shiller. Los Angeles has seen a nearly 70% increase, while Seattle is up 55%, and Dallas home prices have jumped 60%.