Seattle Area Home Supply Increasing

Seattle PI- There were a few more homes for sale in the Seattle area last month than in July, although the situation remained tight.

Seattle had 1.6 months worth of homes for sale at the current sales pace in August, up from 1.5 months of inventory in July. King County had 1.9 months of inventory, up from 1.7 months.

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But both were down from more than two months of supply a year earlier and well below the four to six months generally considered balanced between supply and demand.

“What these numbers tell us loud and clear is that buyer demand in the Puget Sound region is still incredibly strong,” Windermere Real Estate President OB Jacobi said in a listing service news release.

The median price of a house that sold in August was $457,000 in Seattle and $430,000 countywide. That up 11 percent and 13.8 percent, respectively, from a year earlier, but down 1.7 percent and 0.9 percent from July.

The median condo price was $297,500 in Seattle and $255,000 countywide. That was up 19 percent in the city and 31 percent in the county from a year earlier, and 5.5 percent and 10.4 percent, respectively, from July.

In the listing service news release, Prudential Northwest Realty Associates President and CEO Mike Gain said rising prices and interest rates are not deterring sales because “homes are still more affordable than they have been in decades.”
 (full article)

http://www.AbbottRealGroup.com
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