First Drop In Median Home Price In Six Months Came In August

housingAfter a blockbuster July when we saw the median price for a single-family home in Seattle rise to $543,500, topping the market’s 2007 peak, the median price in August came a little closer to earth, showing its first monthly decline in six months. The median price dropped 8 percent from July to August, and now stands at $499,950, according to The Seattle Times.

But despite slowing monthly growth, yearly appreciation for median home prices in Seattle still stands at a healthy 9.4 percent, the highest rate among the sub-markets in King County. The Northwest Multiple Listing Service says the biggest challenge currently facing buyers throughout Western Washington is inventory, as has been the case for the past several months. They report that although inventory has risen slightly since this time last year, the number of listings added in August was the lowest since April, and King County has the tightest inventory with only two months’ supply available.

The NWMLS uses the word “stability” to describe the market in Western Washington as a whole, and says we should continue to see “moderated growth” in the coming months. If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today!

Monthly Housing Price Growth Continues To Slow, Still Rising Annually

Though housing prices in the Seattle area continue to rise on a yearly basis (up 8.6 percent over this time last year), the market saw a continued slowdown in monthly price gains for single-family homes in June, similar to the trend in May. Prices in King, Pierce, and Snohomish counties rose by just 1.1 percent in June, a slightly lower rate than the 1.4 percent price growth in May, according to the S&P/Case-Shiller Home Price Index released Tuesday. The Seattle market is still outperforming the 20-city Index by a small margin, with those prices having grown by 1 percent in June, and 8 percent over the year.

Case-Shiller is calling the numbers part of a “widespread slowdown” in home-price growth nationwide that began last fall. They say that despite the slowdown in growth, other positive factors such as builders’ sentiment and existing home sales point to a normalizing housing market. If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.

Housing Prices See First Growth In 4 Months in February

housing market

Bucking the national trend that saw home prices stay relatively flat from January to February, The Seattle Times reports that the Seattle-area market saw prices rise ever so slightly in February, according to the S&P/Case-Shiller 20-city Index. In the biggest monthly gain since July 2013, the average price of a home in King, Snohomish and Pierce counties rose by a whopping, wait for it…0.6 percent. While that may seem like a small number, annual gains tell a different story, showing prices rising 12.8 percent over the previous 12 months. However, we have 17.3 more percentage points to go to catch up with the market’s peak in July 2007.

Along with Seattle, Portland and San Diego round out the top three cities with the strongest price gains in February. Surprisingly, San Francisco appeared to show slowing monthly price growth, though its prices were up 23 percent from same time last year.

Stan Humphries, chief economist at Zillow, stated in the article that although the national housing market is showing signs of slowing in recent months, it is just a snapshot of a market that is slowly returning to normal. Nationally, prices rose by 12.9 percent from February 2013 to February 2014. The National Association of Realtors also reported that the number of pending home sales rose in March for the first time in nine months.