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Experts optimistic about home sales in 2021

Housing Wire

However, contract signings rose 21.4% from December 2019, with all regions (Northeast, Midwest, South, West) reaching double-digit year-over-year increases. Realtor.com’s Housing Market Recovery Index showed significant contract growth, specifically in Portland, Las Vegas, Denver, Los Angeles, and Boston.

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FINDING THE KEY TO UNLOCK ‘STUCK’ HOMEOWNERSHIP RATE

Will Springer Realtor

The pandemic has made attaining ownership more difficult, particularly in housing-starved Seattle (pictured) and across King County where the number of homes on the market (Active listings) has trended lower for most of the past decade-plus. With scarcity comes price appreciation. What is the answer? What happens then? months, Pierce at 0.8

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CAN HOUSING SHORTAGE CATCH UP TO EASTSIDE DEMAND?

Will Springer Realtor

Between 2011 and 2019, the median household income in our area increased by about 34% but housing prices jumped 78%. Microsoft has committed $750M since 2019 to help support the creation of more affordable homes in Seattle metro. It has also set its sights on rezoning portions of the city to increase housing density. bath , 17,599 sq.

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100+ YEARS IN, ZONING LAWS INCH TOWARD HOUSING EQUITY

Will Springer Realtor

The first makes permanent a pandemic-related policy that exempts affordable housing from the design review process. King County acknowledged receiving a little under $1B in federal aid for homelessness and housing since 2019, yet the local homeless rate rose 14% this past year. >> The rate of homelessness in the U.S.

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Will Springer Realtor - Untitled Article

Will Springer Realtor

>> The number of people working in downtown Seattle offices is about 52% of the daily foot traffic seen in 2019 – a year before the start of the pandemic. We are seeing more homes for sale in submarkets – except for Mercer Island and Woodinville, where active listings are down 30%+ – compared with a year ago.

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RISING INFLATION, RATES TRIP UP HOUSING MARKET

Will Springer Realtor

The King County housing market has seen inventory increase by 55% in the past month, while the number of homes going under contract fell 22% from May to the lowest June level since 2011. While the number of new listings in June jumped 8.2% List: $5.65M ($730/sq. The fresh data show a clear slowing of the housing market.

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IS THE HOUSING MARKET HEADED FOR A CRASH?

Will Springer Realtor

More than 90% of builders in May reported shortages of appliances, framing lumber and other wood products: To address rising costs, some 47% of builders surveyed this spring say they are including price-escalation clauses in their sales contracts to avoid a deeper hit on their bottom lines. High demand kept supply depleted. months (from 0.7)