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Existing home sales data shows extent of housing inflation

Housing Wire

From NAR Research : “Total existing-home sales notched a minor contraction of 0.4% Existing home sales have more legs to go lower, especially now that new listing data is falling. I am a big fan of inventory to 2019 levels. that are at 2019 levels, and they are off the savagely unhealthy housing market list.

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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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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. List price: $3.495M ($782/sq. UPDATE: This home is now under contract, pending inspection.

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100+ YEARS IN, ZONING LAWS INCH TOWARD HOUSING EQUITY

Will Springer Realtor

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. First a look at September’s numbers: A wave of last-chance listings for the year hit the market after Labor Day. . >> The rate of homelessness in the U.S.

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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. The listing agent calls it “modern farmhouse.”

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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% LUXURY LIVING King County is well known for its amazing mid-century modern homes.

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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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