News that hits us where we live.
September 2015 | Opinions Vary on Possible Housing Slowdown
A slight slowdown in housing activity was detected during August, but nowhere near what is typical. Newly released statistics show solid gains for pending sales, closed sales, and median prices.
For the fifth month this year, pending sales system-wide outpaced the number of new listings added to the inventory. During August, members reported 10,603 mutually accepted transactions and 9,921 new listings. That new listing total was the lowest level since February.
Despite the limited inventory on the market, well-priced homes in desirable areas are still drawing multiple offers and offers above the listing price.
Last month's closed sales of single family homes and condominiums had a median selling price of $315,000 for a 9.6 percent increase from a year ago. The median price in King County rose to a median price of $450,700, a 13.2 percent increase from the year-ago figure of $398,000.
The volume of completed sales, numbering 8,718, jumped more than 12 percent from the year-ago total of 7,775 closings. Single family homes accounted for more than 85 percent of the total transactions.
Single family homes in King County sold for a median price of $499,950, just below the figure of $500,000 reported in June, believed to be an all-time high for the monthly reports.
For condos, both the volume of sales and selling prices showed sizable gains from a year ago. Condo sales in King County surged nearly 21.7 percent from a year ago, with a 19.7 percent increase in median prices.
Job growth and low mortgage rates continue to bring new prospective home buyers and sellers into the market, leaving little doubt that third quarter sales will persist at a fast pace.