News that hits us where we live.
July 2015 | Home Sales Are Sizzling, Reaching 10-Year High
Temperatures around Western Washington were not the only thing sizzling during June. The Northwest Multiple Listing Service reported 11,453 pending sales last month, the highest volume since August 2005 when members notched 11,546 mutually accepted offers. Last month also marked the fourth consecutive month of 11,000-plus pending transactions.
Brokers added 11,581 new listings to inventory during June, about the same number as a year ago (11,541), but pending sales outgained the same month last year by nearly 16 percent.
The median price for last month's 9,163 closed sales of single family homes and condos was $321,500. That's up 7.4 percent from a year ago, when the median price was $299,335 and up 1.4 percent from May's figure of $317,000. Since January, prices are up 13.6 percent.
In King County, the median price for sales that were completed during June was $450,000. That compares to a price of $410,000 for the same month last year for a year-over-year increase of nearly 9.8 percent. Compared to May, prices in King County are up about 3.7 percent.
For single family homes only (excluding condos) in King County, the median selling price for sales that closed during May was $500,000, an increase of 10.3 percent from the year-ago figure of $453,500.
We are experiencing a heat wave of sales generated by home buyers wanting to buy today and lock in low interest rates. First-time buyers, an influx of relocating workers, and escalating rents are responsible for part of the surge. In most cases buying a home costs significantly less than renting and the monthly payment will remain the same as rents continue to rise. Many who are renting today and think they can't afford a home should think again and get pre-qualified for a loan to see just what they can afford.