In Seattle, the price of a single-family home was up 12.2 percent year-over-year in February, the largest jump in three years.
The Seattle Times reports that the market has led the nation in home-price growth for six straight months, according to the monthly Case-Shiller housing-price index. Nationally, prices rose 5.8 percent, a 32-month high.
New homes in Seattle sell for $845,000 on average. Existing homes are only slightly more affordable. On the high end, homes built before 1910 sell for an average of $725,000, while homes built between 1940 and 1980, the least expensive price range, sell for $610,000.
There are no signs local home prices are slowing — just the opposite. Compared to just a month before, Seattle area housing costs grew 1.9 percent, which was by far the biggest increase in the country, and about eight times the national average.
Other markets with fast-rising home prices include Portland (up 9.7 percent from last year), Dallas (8.8 percent), Denver (8.5 percent), and Boston (7.6 percent).