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Home Prices Rising Toward Record Highs – Again

Will Springer Realtor

The county saw the combined number of single-family, townhome and condo listings increase in June by 4.4% While that percentage may appear strong, it’s nothing compared to the April-to-May rise of 18%, signaling a probable cooling of new listings in the future. New single-family-home listings rose 3.8%

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Will Springer Realtor - Untitled Article

Will Springer Realtor

Legislation related to transit-oriented development did not pass. Falling new inventory is constraining transaction volumes while also supporting higher home prices. The figure was 37% lower than a year ago and, for context, the five-year average of new listings for the month just before the pandemic began was 4021.

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IS THE HOUSING MARKET HEADED FOR A CRASH?

Will Springer Realtor

Prices have soared in most areas – including a 30% jump in the past year for single-family homes in King County – amid a shortage of inventory and a sharp rise in the number of buyers. One aspect of rising housing prices is ballooning materials costs for new home builders. Notably, Seattle single-family inventory slipped to 0.6