While homes prices were up by double-digits compared to a year ago, the market frenzy that has affected most of this year is showing some signs of moderating. With the exception of the Eastside, prices for most of the region were down from their peak. Home sales generally outpaced the same period a year ago, but a shortage of inventory continues to tip the advantage in favor of sellers.
Bucking the trend of moderating prices, the Eastside saw the median home price soar 14 percent over last year to a new record high of $769,000. That eclipses the previous peak of $760,000 in May of this year. Very tight inventory in this highly desirable market was reflected in flat sales growth compared to a year ago.
King County saw home prices moderating for the second month in a row. The median price of homes sold in August was $550,000. That represents an increase of 10 percent over last year, but a drop from the high of $570,500 in June.
The median price of a single-family home in Seattle was $625,000 in August. While down from the record high of $666,500 in June, that represents a healthy 9 percent increase over the same time last year. Demand continues to exceed the supply of inventory, particularly for entry-level homes.
Snohomish County’s August median home price of $400,000 was just shy of the record-high of $405,000 set in July. The median price here is $150,000 less than King County, making Snohomish County a more affordable option for buyers willing to trade a longer commute time for lower housing costs.
Despite an uptick in inventory, home prices hit new records in June yet again. A national study showed that home prices are rising faster in Washington than any other state. While lower interest rates provide some relief for buyers, sellers are the real winners. The increase in inventory indicates that more homeowners are starting to take advantage of this historic seller’s market.
After setting a new record last month, the Eastside saw home prices drop slightly from the May peak of $760,000 to $746,500 in June. That number was an increase of 11 percent over a year ago. Despite the small price adjustment, the Eastside continues to have the highest median home prices in King County.
This is the fifth month in a row that the price for a single-family home in King County has set a new record. This latest peak was $573,552, up 15 percent from last June. Inventory increased slightly, but homes were snapped up quickly. One analysis shows fewer multiple offers, but indicated that 80 percent of new listings were selling within the first 30 days.
The median price of a single-family home in Seattle was a record $666,500 in June, up 16 percent over the past year and a jump of 74 percent in the last five years. Those hoping to save money by renting aren’t seeing much relief. A recent report ranked Seattle with the second highest rent growth in the country.
Despite an increase in inventory, home prices in Snohomish County continued to rise. Buyers seeking an alternative to King County’s high prices are pushing their home search north resulting in increased completion for homes and adding to price escalation. The price here hit a new record of $395,000 in June, up 9.7 percent from a year ago.
Did you know that June is fresh fruits and vegetables month? That’s great if you can afford them. However, they are a luxury for people who struggle to provide even just the basic necessities for their families. Many families rely on their local food banks as a regular supplemental food source. And of those families, 84 percent of households with children report purchasing the cheapest food available, knowing it wasn’t the healthiest option, in order to provide enough food for their family.
And summertime is probably when food banks need your help the most. That’s because children are on break from school and their families have to provide the meals that they normally would get through school meal programs. Six out of seven low-income kids who eat a free or reduced-price school lunch do not get free meals during the summer because they don’t participate in summer meal programs.
So what can you do to help? Does this mean you should go out and buy a bunch of fruits and vegetables to donate to your local food bank? Or maybe donate some extra produce from your home garden? No. The best way that you can help families in need is to donate money to your local food banks. Food banks have agreements or partnerships with distributors/suppliers so that they are able to stretch your donation dollars to purchase more items, usually in bulk. For example, a one-dollar donation—to a food bank hub like Feeding America—can provide 11 meals to families in need. And 68 percent of the foods distributed are healthy foods that align with the USDA Dietary Guidelines.
House hunters looking for relief from soaring rents continued to snap up homes at a record pace in May. By one analysis, 80 percent of the homes coming on the market in King and Snohomish counties sold within the first 30 days – many within the first week. With a severe lack of inventory in prime buying season, sellers are getting record prices for homes.
The Eastside, already the most expensive area in King County, saw home prices set a new record in May. Median home prices on the Eastside were up by over $100,000 compared to last year, reaching an all-time high of $760,000. With just a month of inventory available, most new listings here drew multiple offers. Even with soaring prices, buyers should plan to act quickly and count on navigating multiple offers.
With 20 percent fewer homes on the market here than last year, competition among buyers remained fierce. Tight supply and high demand sent prices surging. For the fourth straight month, King County set a new record, with the median price of a single family home sold in May jumping 16 percent over last year to $560,000. The market is in dire need of new homes to ease the inventory crunch.
Seattle has the 4th fastest growing population in the country. That growth has fueled demand. Seattle trails only Portland on the list of markets with the fastest-growing home prices. A single family home here cost $641,250 in May, an increase of 14 percent over the same time last year. While slightly higher than the median price last month, that figure is down from the peak in February.
Since the close-in neighborhoods in Seattle and Bellevue have priced out most first-time buyers, they continued to look to Snohomish County as a more affordable option. The median price of a single-family home increased 11 percent over last year to $389,950. That price is slightly above the pre-recession peak in 2007. However, at 30 percent less than the median price in King County, it’s a relative bargain.