Seattle home prices zipping upward, but slowdown likely: The housing market in Seattle and other major U.S. cities has been racing ahead on full throttle in recent months, but experts say the price growth should soon slow to a more normal pace. The Greater Seattle market in May posted a 3.1 percent monthly gain, its largest since April 1990, according to data released Tuesday. The region’s 12-month increase was 11.9 percent — the biggest annual gain since December 2006. Seattle’s not alone: The widely watched S&P/Case-Shiller 20-city home-price index rose 2.4 percent from April to May, and 12.2 percent over the year.
Source: The Seattle Times, July 30, 2013
King County median home price up 15 percent over year ago: A bump in interest rates in July didn’t derail the strongest home-buying stretch in the Seattle area since 2007, as the median price climbed year-over-year for the 16th consecutive month. The median price of single-family homes sold in King County last month jumped to $434,000, up 15 percent from a year ago and up 1.5 percent from June, according to figures from the Northwest Multiple Listing Service. And the number of pending home sales — offers that have been accepted, but haven’t yet closed — remained above 3,000, the busiest July since 2005.
Source: The Seattle Times, August 6, 2013
Seattle homes selling faster than U.S. average: When it comes to selling homes fast (within one or two weeks), homes in Seattle continue to sell faster than the national average, with 42.5 percent of new listings under contract within two weeks, compared with the U.S. average of 30.5 percent. According to Seattle-based online real estate company Redfin, 29.9 percent of Seattle listings were under contract in one week, which compares with a national average of 19 percent. “There were eight offers on this Wedgewood home, and according to the listing agent, the winner paid big money and waived every contingency,” said one Redfin real estate agent. “The percentage of homes that went under contract within two weeks decreased from 31.9 percent nationwide in May to 30.5 percent in June as inventory growth continued to ease the pressure on buyers to act fast,” according to a Redfin statement.
Source: Puget Sound Business Journal, August 5, 2013