: 3.1% Vacancy rate
:2.4% Construction permits
: 11.1 per 1,000 homes
In the last year, asking prices on homes in Seattle rose by 8.8%, more than most of the nation’s largest housing markets. This increase coincided with high levels of construction — there were 11.1 construction permits per 1,000 units, more than all but a few markets nationwide. Despite this growth in demand, Seattle remained affordable relative to areas such as San Francisco and San Jose where the median price per square foot was more than twice as high as that in Seattle. None of next year’s top markets had home prices fall as much during the recession as Seattle, where prices fell by nearly 26% from their peak-to-trough.
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