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Seattle price growth continues to decline, according to the report



KOMO Staff & Associated Press

Seattle price growth has slowed recently, falling to the nation's fourth-highest value after ruling as # 1 in the past two years.

New data from Wednesday's S & P CoreLogic Case-Shiller 20-city Housing Price Index shows that Seattle's average real estate prices in October were up 7.3 percent on the previous year. Only in June prices for private homes rose by 12.8 percent compared to the previous year.

The data also shows that Seattle's average real estate prices have fallen about 2.4 percent in the last two months. This is the steepest decline in a city in the index.

The Las Vegas metropolitan area recorded the strongest price increase of 1

2.8 percent year-on-year in the last reporting period. San Francisco saw a price increase of 7.9 percent, while home prices in Phoenix rose 7.7 percent.

National home prices rose 5 percent year-over-year, compared to a 5.2 percent annualized gain in September.

House prices have declined as buyers who offer themselves as buyers have difficulty making apartments. Prices have risen consistently faster than wages, a challenge that was tackled until a year ago by historically low mortgage rates. However, borrowing costs rose last year after President Donald Trump lowered taxes by raising the budget deficit and the Federal Reserve raised interest rates.

"Interested home buyers are no longer able to keep up with the demand that supports the aggressively rising real estate prices," said Cheryl Young, a senior economist at real estate firm Trulia. "With little indication that home buyers' purchasing power will strengthen until 2019, it is expected that the real estate market will stagnate a lot next year."

The sales volume has also fallen across the country. The National Association of Realtors earlier this month reported that home sales in November fell 7 percent year-on-year.

Consumers may benefit from temporary relief as mortgage rates have fallen in recent weeks in light of the stock market sale. The average interest rate for the 30-year fixed-rate fixed-rate mortgage fell from nearly 5 percent in early November to 4.62 percent in the past week, according to mortgage buyer Freddie Mac.

The average rate, however, still increased from 3.94 percent in the previous year

And a new report from Zillow suggests that steadily rising mortgage rates could reach 6 percent by the end of 2019. If interest rates reach this level, the typical US buyer will spend $ 52,800 less for a home, as the interest costs will be so much higher, according to Zillow's report on mortgage life.


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