Seattle home prices continue upwards, but experts say a slowdown is likely…

The Seattle housing market has been growing extremely fast recently, but experts are expecting this to slow down to a much more normal pace.  Take a look at these current stats:

  • In May, Seattle had a 3.1% monthly gain, the highest since April 1990
  • Seattle was 1 of the 5 cities that posted monthly gains of over 3% from the S&P/Case-Schiller 20-city home-price index
  • The year-over-year increase was 11.9%, the highest since December 2006
  • The amount of mortgaged homes that are in the foreclosure process has decreased to 2%

However….this doesn’t mean that we are forming a new bubble; May price levels were still, on average, 20% below the previous peak.  The bottom third of transactions are about 33% below the peak, while the top third are 17% below.

Click here to read the full article to see why this pace is not sustainable and to find out a bit more about whats going on in other cities!