After its two long years of holding the crown as the nation's hottest housing market, Seattle is finally conceding its crown. Now, leading the nation in terms of home prices in Las Vegas.
Based on the recent figures released by Case-Shiller home price index on Tuesday, Seattle has finally conceded its title as the nation's top housing market to Las Vegas.
Prior to Las Vegas' ascension to the throne, Seattle held the title for 21 consecutive months. This record stands as the second longest streak for any major city in the United States in the storied history of the Case-Shiller. Portland still holds the longest streak with 23 consecutive months which the city was able to achieve during the early 90s.
Many market analysts agree that Seattle's housing market is starting to cool down as prices and sales started to drop. King County, Seattle's hottest market, is also seeing most of its housing price and sales drop recently.
Some analysts are even more skeptical about the recent slowdown. The figures released by Case-Shiller includes a three-month moving average which started in June. Based on other studies, the Seattle housing market has drastically slowed down even more since that period. Additionally, the Case-Shiller report also does not reflect the entire metro area. There are some pockets of the city wherein the -market has not slowed down as much as that of King County.
Las Vegas enjoyed an upshot of 13 percent this month. That is a significant increase compared to the figures in the prior month which was pegged at 12.6 percent.
Despite the recent fall, Seattle still stands as the nation's second hottest housing market. A title that the city has held for 30 consecutive months. Market experts are still positive that despite the fall, Seattle will consistently be among the best housing market in the country.
A different analytics firm, Zillow, have released a more recent figure on the housing market. The Zillow report showed that Seattle suffered the biggest decrease in terms of housing prices in the country. The change came in just after Nevada passed Washington on the list which includes the fastest rising housing prices.
In terms of actual housing price, a single-family house in Las Vegas has a cost of around $290,000. That is ahead of the nation's average but still, a far fetch compared to Seattle where the median cost of a home is around $805,000.
