Home prices in 20 major U.S. cities increased 12.2 percent in May compared to a year ago, according to the Standard & Poor's/Case-Shiller home price index released on Tuesday.
And according to the Northwest Multiple Listing Service, prices locally continue to rise. The median price for last month’s closed sales area-wide was $279,950, which is about 9.8 percent higher than the year-ago.
The red hot housing market is prompting some realtors to get creative to satisfy eager home buyers that are tired of losing bids on their home of their choice.
Jennifer Dovey with Windemere Real Estate is one realtor who is contacting homeowners that once tried to sell before the market heated up, but couldn't.
"I can go back to them and check in. Times have changed," says Dovey. "I'll update their compared market analysis, and often the market has improved enough that they can move on."
New figures from the MLS also show pending sales during June jumped 10.6 percent from twelve months ago as buyers scrambled to lock in loan rates and bid on a limited supply of homes.