Realtor.com’s new research links up with other data showing that cities on the West Coast, particularly Seattle, are facing some of the steepest home-price increases amid severe inventory shortages. There, the burgeoning tech-sector is emboldening the labor market, swelling population levels and putting additional pressure on languishing housing stocks. Earlier this month, Housing Wire reported on a new forecast by Veros Real Estate Solutions ranking Seattle as the hottest housing market in 2017, with home-price appreciation of 10.9% expected. Meanwhile, real estate listing website Redfin found that Seattle is home to one-third of the country’s neighborhoods in which buyers have the hardest time finding, and affording, housing.
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- Why are home prices so high? Seattle has 2nd-lowest rate of homes for sale in U.S.