The S&P/Case Shiller 20 City index was released earlier this week and the results were very positive for home prices in our region.
The Seattle area's seasonally adjusted home prices increased 0.7 percent in August, compared to 0.1 percent across all 20 cities in the index and 0.4 percent nationally.
We usually expect the number of home sales to slow down as we head into the cooler months. However, a steady demand and a decline in available homes could continue to drive up prices. Seattle-area home prices are up 7.6 percent for the year, compared to 5.1 percent across all 20 cities in the index and 4.7 percent nationally.
While that's a significant increase, San Francisco home prices are up 10.7 percent. That could help continue the migration of tech workers from the Bay Area to the Puget Sound region, where home prices are much more affordable.
The promise of a thriving tech talent force moving to our area is driving companies to expand in the region. This is great news if you're considering putting your home on the market. The fall temperatures may be cooling down, but our home prices keep getting hotter.
Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.
Source: Puget Sound Business Journal