Puget Sound's Soaring House Prices Slowed Down In August: Report

SEATTLE — The Seattle-area real estate market showed more signs of cooling off in August, but Puget Sound still has some of the fastest-growing housing prices in the nation. The latest S&P CoreLogic Case-Shiller Indices report found Seattle fell from third to fifth place for year-over-year price growth in August, with Phoenix, San Diego and Tampa leading the list of 20 major cities.

All 20 of the cities highlighted in the monthly report saw prices increase from the month before, but the overall pace slowed.

"The U.S. housing market showed continuing strength in August 2021," said Craig J Lazzara, a managing director at S&P DJI. "August data also suggest that the growth in housing prices, while still very strong, may be beginning to decelerate."

The report found Phoenix well ahead of the pack in August, with prices up more than 33 percent from August 2020. In the Seattle area, which includes portions of King, Pierce and Snohomish counties, prices grew by more than 24 percent over the same period. At fifth place, the surge in housing prices around Seattle continues to outpace cities like Portland, Los Angeles and New York.

As CNBC reports, experts believe low inventory and high demand make it unlikely that prices will wane any time soon.

Earlier this month, the Kirkland-based Multiple Listing Service found Puget Sound's housing market was still "frenzied" through September, amid limited inventory for both condos and single-family homes.