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Aug 06

King County median home prices slip as market cools a bit

The Seattle Times reports that the median price of King County single-family homes sold in July slipped 3% over the month to $485,000 – a surprising reversal for a month that had actually seen peak prices in each of the past two years.

The drop comes after King County’s median home price hit a post-recession peak of $500,000 in June.

July’s median price, reported Wednesday by the Northwest Multiple Listing Service, represented a 3.6% gain over the past 12 months, the weakest annual gain so far this year.

Possible reasons why the drop:

  • An aberration in an otherwise rising market
  • Due to a lower price mix of homes that sold
  • Lack of homes for sale that meet buyers’ needs (low inventory)

More than half of Seattle Times readers who responded to a poll last month said “the single biggest reason” keeping them from buying a home was affordability. Another 20% said they couldn’t find a home they want to buy.

july-sales-780x744

July King County median prices in the past five years:

2011 $350,000
2012 $375,250
2013 $434,000
2014 $468,000
2015 $485,000

More charts and news at Seattle Times, August 6, 2015 

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