Another indicator of Seattle’s slowing housing market came Tuesday as Las Vegas beat out Seattle for home prices increasing at the fastest rate in the U.S.
Data released Tuesday from the S&P CoreLogic Case-Shiller Index showed Las Vegas had a 13 percent year-over-year home price increase in June, compared to 12.8 percent in Seattle.
At this time last year, Seattle had the hottest housing market in the country with a 13.4 percent year-over-year increase, according to the Case-Shiller Index.
"Population and employment growth often drive homes prices,” David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said in a release. “Las Vegas is among the fastest growing U.S. cities based on both employment and population, with its unemployment rate dropping below the national average in the last year.”
San Francisco, which had the third highest price gain in the U.S., saw a 10.7 percent increase in June 2018.
However, home price gains in Seattle are still far above the national average, which posted a 6.2 percent increase.
Homebuyers have noticed the cooling home prices as well, taking advantage of price drops, less competition, and more options on the market.
A Zillow analysis released last week found home values are still appreciating at a rapid rate, but it’s not increasing as quickly as it was last summer. Home values appreciated 9.1 percent in the last year, compared to 14.2 percent from July 2017.
The Northwest Multiple Listing Service reported earlier this month that year-over-year inventory was up 6.5 percent in July year-over-year.