Heading deep into fall when usually Real Estate takes a break there is a definite change in the Seattle area this year when there seems to be no slowing down in the market during the holiday's. Below is a great article at the year over gains seen with no slow down likely anytime soon. The question often arrises if Seattle is in a housing bubble. My short answer is a resounding "NO"! And I have a few indicators that I look at. One is and always will be supply and demand. With the amount of population increase and discretionary spending outpacing housing supply in the Seattle area price increases have only been driven by this with no slow down in site. Secondly, the majority of people buying homes now are looking for their primary residence whereas in the national 2008 housing market crash buyers were a high percentage of "flippers" and investors buying multiple properties. Lastly, with the continued short supply and owner finding themselves less likely to sell due to lack of a better alternative to move to prices will only increase. With Seattle's strong economy and continued increase in population I just don't see a crash that happened nationally in 2008. However, I do see the market slowing down with interest rates rising or national economic policy changes.