Seattle-area home prices in the fall continued to climb at a faster rate than almost anywhere in the country.
In November, the year-over-year increase for Seattle-area homes was the second-highest in the country, behind only Phoenix, according to the S&P CoreLogic Case-Shiller Home Price Index released Tuesday.
It was the 10th consecutive month of Seattle in the No. 2 spot.
The index reports a three-month rolling average of home prices. Seattle-area prices include homes in King, Pierce and Snohomish counties.
Seattle prices were up 12.7% from 2019, about 1 percentage point shy of Phoenix at 13.8%. San Diego, where home prices grew by the third-highest rate among major cities, saw a 12.3% increase. Seattle’s increase was up from the 11.7% jump in October.
Continuing a trend throughout 2020, Seattle-area prices shot up faster than the national average.
Nationally, prices rose 9.5% in November compared to a year earlier. That was a steeper increase than 8.4% the previous month.
That national growth was the highest since February 2014, CoreLogic economist Selma Hepp said in a statement.
As prices rise, even the most affordable homes can stretch out of reach for some buyers.
In the Seattle area, the price of houses costing less than about $485,200 rose at a faster rate than more expensive homes. Those costing more than $726,600 grew at the slowest rate, about 12% compared to nearly 15% for the most affordable homes.
All 19 cities Case-Shiller tracks saw prices rise. (The index usually reports on 20 areas but does not have up-to-date data for Detroit because of the pandemic.)
The November numbers solidified a trend that emerged around the country after the coronavirus hit in the spring.