Puget Sound region’s seemingly inexorable surge in home prices marches on

Photo credit: Puget Sound Business Journal

Marc Stiles | Puget Sound Business Journal

New data suggest there is no end in sight to the region’s skyrocketing home prices.

Year-over-year, single-family prices bounded upward nearly 12 percent last month in Snohomish County, 15 percent in King County and more than 18 percent in both Kitsap and Pierce counties. The condo market is even more extreme in King and Snohomish with prices climbing 35 and 27 percent, respectively, the Northwest Multiple Listing Service reported Thursday.

A cause is robust job growth, said Lennox Scott, chairman and CEO of John L. Scott Real Estate. There was a sense the rate of growth would slow but it jumped 3.1 percent annually in February, up from 2.8 percent growth at the end of last year. This is ratcheting up the pressure on buyers.

Read the full story: Puget Sound region’s seemingly inexorable surge in home prices marches on – Puget Sound Business Journal.