National homes prices grew 6.2% annually in September, but prices in big West Coast cities more than doubled that national average. Seattle boasted a 12.9% price increase and San Francisco, Las Vegas, Denver and Portland all saw increases of 7% or more, according to CoreLogic.
- Some markets far exceeded national price growth of 6.2%
- The West Coast had the most cities that exhibited above 7% growth
- Dallas; Boston; and Tampa, Florida also showed above 7% growth
- Prices in the Midwest and East showed more mild price growth
Nationally, the median price of a single-family home was up 6.2% year-over-year in September, the fastest pace it has been on in three years, according to the latest S&P CoreLogic Case-Shiller Home Price Index.
Seattle showed extravagant growth compared to other markets, boasting a 12.9% year-over-year growth and a median home price of $650,000 – more than double the national average of $275,000. What has grown into the indisputable tech hub of the United States, Seattle continues to promote a thriving economy and attract tech startups, companies and high-paying jobs.
“A lot of millennials are coming into town because of the good jobs and buying their first homes. And a lot of people are doing well in their careers and upgrading,” broker Robert Macdonald told realtor.com. “A dozen offers on a property is not uncommon.”
Other West Coast cities that saw annual growth greater than 7% were Las Vegas; Denver; Portland, OR; San Francisco; and San Diego.
Midwest and East Coast markets saw a milder price growth in September, with some main cities posting less than 6% year-over-year growth. New York; Atlanta; Washington, DC; Miami; and Chicago all fell short of the national average.
Not all markets outside of the West Coast, however, experienced average or below-average growth. Dallas; Boston; and Tampa, FL were outliers in the South and East, all posting growth above 7%.