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Affordability Woes Prompt Historic Housing Slowdown

Will Springer Realtor

Sales activity across the county is at historic lows; no October has experienced fewer listings in King County – not even close – since at least 1992 when records were first archived online. New listings for all home types in King County stood at 2157, a whopping 25% drop from September to October. Closed sales fell 0.9%

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HINTS OF SHARP INCREASE IN NEW CONSTRUCTION

Will Springer Realtor

It is developing several single-family and multifamily communities in King and Snohomish counties. The company forecasts an 8% YoY increase in new communities for 2021 across the U.S. ” Forward-thinking developers will go beyond trails and lap pools, “which have become ordinary,” suggests the experts from Burns.

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CAN HOUSING SHORTAGE CATCH UP TO EASTSIDE DEMAND?

Will Springer Realtor

While these are promising developments, there will always be the affordability question. Between 2011 and 2019, the median household income in our area increased by about 34% but housing prices jumped 78%. That was within the 28% ceiling considered affordable by common lending standards. CONDO NEWS. MAY HOUSING UPDATE.