King County median home price jumps to $500,000 in June; Seattle climbs even higher [View all]
If you're looking to buy an affordable house in King County, your window may be closing.
The median price of a single-family home in King County shot up to $500,000. That's up more than 10 percent from a median price of $453,500 in June 2014, according to the Northwest Multiple Listing Service, which records home price data throughout the region.
There aren't a lot of homes on the market, either. In June, just 1.18 months of housing inventory was available for prospective buyers. There was a 23 percent drop in house listings this June compared to the same month last year.
In Seattle, the squeeze is even tighter. About 37 percent fewer single-family homes were listed in June this year compared to June 2014, and the median home price went up 15 percent to $575,000. There is only 0.69 months of home inventory in Seattle. That means in the current market, with the current supply, there's only enough homes to meet demand for less than a month.
People are flocking to the Puget Sound region for jobs in the tech sector here, and some of them are coming from the even higher priced San Francisco Bay Area.
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http://www.bizjournals.com/seattle/news/2015/07/13/king-county-median-home-price-jumps-to-500-000-in.html?ana=e_sea_rdup&s=newsletter&ed=2015-07-14&u=ColXVN5SPzQtLHFP87ho2w07857290&t=1436890415
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