The Case-Shiller index for July indicates that Seattle’s year-over-year home price increased at nearly double the rate of anywhere else in the country. Seattle’s home prices are up 13.5%. Portland’s were the next closest city at 7.6%. Prices continue to steadily increase in Seattle, even where they’ve slowed slightly in the rest of the market.
This week, a seemingly related Seattle Times story brings news from a Trulia study. Out-of-towners now outnumber locals searching for many in-city zip codes in Seattle and Bellevue. Locals, on the other hand, are searching slightly outlying and less expensive communities such as those in Snohomish County.
As the home price pressure increases, and as the city continues to change and grow, will we continue to see locals outpaced and outspent by out-of-towners in the heart of Seattle?