No surprise here: Property values ballooned, again, last year in Southeast King County, with values in Black Diamond and Enumclaw spiking by more than 25 percent according to the county auditor.

The amount of housing available is low and the demand for it is very high, according to Assessor John Wilson. And if lots of people want something that only a few of them can get, well, it’s just basic economics at that point.

Home sale prices and home values rose sharply in most King County neighborhoods last year, according to the assessor.

“The resulting increase in home values is inevitable in this type of market,” Wilson said in a prepared statement.

Compared to cities around the Puget Sound, the Plateau falls around the middle of the pack in rising property values.

The Enumclaw Plateau saw an average increase of 28.5 percent. Black Diamond saw a 26.8 percent increase.

Seattle’s Magnolia and Rainier Beach neighborhoods saw more modest increases around 19 to 20 percent. Federal Way jumped by 26 percent, Kent by 24 percent, and Redmond about 43 percent.

Meanwhile, the northeast part of King County saw staggering rises. The North and South Sammamish Plateau area saw a 52 percent increase in home values just over last year, according to the assessor.

The county assessor has started mailing property valuation notices to taxpayers this week, which happens annually around the beginning of June. The new values kick in January 1, 2022 and will apply to taxes due in 2023.