King County Home Prices up 15% from 2012

Increased-CostThe median price of single-family homes sold in King County last month rose to $426,000, a 15 percent increase from October 2012.

October inventory higher than last year

While the frenzy of home buying in early summer sent the median price to $434,000 in July, the highest level in five years, October’s activity showed a more balanced market, with more inventory for sale. Extremely tight inventory drove bidding wars in the spring. October was the first time this year that inventory of single-family homes was higher than a year earlier.

Eastside has highest King County prices

The Eastside, as usual, had the highest median price in King County: It was $575,377, up 14% from a year ago. Southwest King County had the lowest median price at $240,000, about 7 percent higher over the year.

The median price was $286,250 in Snohomish County and $222,000 in Pierce County, both with double-digit appreciation over the year, according to the MLS.

Regionally, inventory remains very tight: King, Snohomish and Pierce counties all have less than three months’supply of homes for sale. A balanced market generally has enough supply for four to six months.

Bubbling again?!

Some are shaking their heads at our rapid rise of home prices with thoughts of ‘Are we going back to 2006?’ Back then we had funny money, easy loans, no money down, adjustable mortgages. But not now. Hummmm….

Read more: Seattle Times

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