U.S. Home Prices Are Rising at The Fastest Pace in 15 Years! Seattle Ranks Second in The Nation!!!

The S&P CoreLogic Case-Shiller National Home Price Index increased 11.2 percent in January 2021, and a significant 10.4 percent increase from the same month last year. The index measures the average home price in major U.S. cities. The data show that the growth rate in January was the highest since February 2006.

Phoenix home prices grew at the fastest rate for the 20th consecutive month, at 15.8 percent, followed closely by Seattle at 14.3 percent. Another indicator of home price growth recently released by the Federal Housing Finance Agency showed that home prices rose 12 percent in January compared to a previous year.

Reasons for home prices increased

• Low mortgage rates
  Since the outbreak of the pandemic last year, interest rates have been at historically low levels for a long time, causing some of Seattle’s high-income population to shift from renting to buying.

• Historically low inventory of home listings on the market
  Due to the decline in the supply of listing homes from last year, there has been only 1 month of inventory. This has led to a rush to homes purchased in the Seattle area, it has led to multiple offers on the same house, which in turn has pushed up prices.

• WFH
  WFH makes people expect more and free space. This is also the reason why the market of Seattle single family house has been continuously hot. Many programmers and engineers in the Bay Area have taken this opportunity to move their families to Seattle and join the rush for housing.

Data from the National Association of Realtors shows that in 2020, sales of second homes, which make up the majority of the housing market, rose to the highest annual level since 2006.

Faced with such a tough sellers’ market, do you choose to wait for the right time or get on board early if you are hunting to buy a home? Or do you choose to rent? Either way, Seattle GPS can definitely help you!

GPSRenting.com. We manage over 400 doors! Seattle full-service property management – No advertising fee! No tenant placement fee! No markup on maintenance! No lease renewal fee!

Good news! Seattle GPS offers exclusive off-market deals. of real estate listings, you don’t have to compete with buyers in the market.

If you have any questions or thoughts about buying, selling or renting a home in Seattle, please reach us @ (425) 243-5082, hi@gpsrenting.com

Or add us on WeChat: GPSSeattle to talk about your needs!

Wish everyone to stay healthy and the Pandemic will be over soon!