National home prices are have surged over the past year; The Bellevue area was no exception.
BELLEVUE, WA — Nationally, home prices increased in the last year at the fastest rate since the 1970s, but the rate of increase is expected to slow between 2021 and 2022.
Prices increased 3.0 percent from April to May in the Seattle-Bellevue-Everett WA Metropolitan Division, according to the latest data from the S&P CoreLogic Case-Shiller Index, one of the leading trackers of the housing market. Prices are up 24.0 percent from June 2020.
Prices in the bottom third of the market in the Seattle-Bellevue-Everett WA Metropolitan Division — those priced under $642,000, often designated as starter homes — increased 26 percent year over year. The top third of the market (homes over $928,000) saw a 24 percent increase.
Nationally, prices increased 17.2 percent from June 2020 to 2021, according to the CoreLogic Home Price Index. The year-over-year growth was the fastest on record since 1979.
Single-family home values increased 19.1 percent over the year, compared with 10.7 percent for attached properties such as condominiums.
Skyrocketing home price increases are expected to ease over the next year, with a more modest 3.2 percent appreciation by June 2022, according to CoreLogic projections. Frustrated prospective buyers are waiting for the market to cool, and for-sale inventory is expected to rise.
King County is part of the Seattle-Bellevue-Everett WA Metropolitan Division, a term the U.S. Census Bureau uses to designate areas with strong economic ties. Many MSAs contain more than one county.
Local Data, Patch Staff
Aug 12, 2021 See article here