'Perfect storm of frustration': Inventory remains low, prices up in Seattle-area housing market
Housing inventory remained far below what it was at the same last year in the Puget Sound region in August, and home prices continued to go up, according to a new report.
Low interest rates combined with low inventory made it a more challenging situation for buyers, the Northwest Multiple Listing Service said.
“The lowest number of homes for sale in more than 20 years combined with the lowest mortgage rates on record are resulting in the perfect storm of frustration for buyers – but they are still out in force,” Windermere Chief Economist Matthew Gardner said in a news release. “The few homes that are on the market are being snapped up quickly, and this excess of demand is causing record-high prices for single family homes in the Puget Sound area.”
According to the report, King County saw 4,010 total active listings in August, down nearly 27% from the same time last year. Still, the county saw rises in the number of pending and closed home sales. In August, King County had 4,420 pending sales, up 34% compared to the same time last year, and 3,456 closed sales, up about 10% over 2019.
As inventory stays low and buyer demand remains high, median home prices are rising in King County. The median price for homes sold in August was $680,000, up nearly 11% from the same time last year, and up about $10,000 over last month.
https://www.seattlepi.com/seattlenews/article/seattle-home-inventory-remains-low-prices-up-15550523.php
Yikes
