Press Releases

Seattle Home Value Appreciation Remained Strong in the Second Quarter, Says Home Values Report

Area Home Value Appreciation Continues to Outpace the Nation, but Rate of Appreciation is Starting to Slow

Aug 14, 2006

Seattle – August 14, 2006—Single-family homes in the Seattle metropolitan area appreciated at an annualized rate of 12.2% over the second quarter of 2006 – twice the national rate but off slightly from the pace of the past year, according to the findings of’s inaugural quarterly home values report. The values of both single-family homes and condominiums in the Seattle metropolitan area (defined as King, Pierce and Snohomish Counties) continued their unbroken growth streak in the quarter that ended in June, handily outpacing the area’s five year annualized rates of 9.2% and 8.9% respectively, as measured by Zillow’s ZindexTM home value indicator. The Zindex is a measure of the median value of all homes in the area (not just those that sold). According to that measure, the Zindex for all single-family homes in the three Counties combined was $337,541 in June 2006; the Zindex for area condos stood at $230,852. According to Zillow’s findings, both new and existing single-family homes increased in value in the second quarter, though the growth rate for existing single-family homes slowed by 3.8% when compared to the prior year’s growth rate of 16.1%. Existing condos continued robust appreciation of 10.8% annualized during the second quarter, however this is down significantly from the one year appreciation rate of 18%. “While Seattle home appreciation slowed in the second quarter of this year, it should be noted that the annualized rate of appreciation is still twice that of the U.S. as a whole,